Toyo to spin off Nitto division

June 27, 2005

Toyo Tire & Rubber Co. Ltd. will spin of the Nitto division of its Toyo Tire (U.S.A.) Corp. subsidiary and incorporate it as a separate company on July 1.

The new company will be called Nitto Tire North America Inc.

"Nitto Tire North America is expected to ... further boost sales of Nitto tires," say Toyo officials.

The company will be headquartered in Cypress, Calif. Its chairman will be Toyo Tire (U.S.A.) President Shozo Kibata, while Tomoshige Mizutani will serve as its president.