Yokohama signs site lease for Philippines factory expansion
To fulfil plans to increase tyre making capacity, Yokohama Rubber has signed a contract to lease a 300,000 square metre section of land adjacent to the Yokohama Tire Philippines plant, some sixty kilometres northwest of Manila. The leasing contract for the land at the former US Air Force base was signed between Yokohama and Clark Development Corporation on February 12. The capacity expansion plans were first announced in late January and involve a total investment of 50 billion yen (£371.3 million) in order to increase capacity 143 per cent to 17 million units per annum.
Present at the signing ceremony along with representatives of Clark Development Corporation were Tadanobu Nagumo, Yokohama Rubber’s president and representative director, Hikomitsu Noji, the company’s director and managing corporate officer, and Takayuki Hamaya, president and CEO of Yokohama Tire Philippines. During the proceedings Mr. Noji discussed the Yokohama Rubber Group’s global strategy aimed at attaining sales of one trillion yen (£7.4 billion) in 2017, and Takayuki Hamaya presented an overview of the Yokohama Tire Philippines expansion plan. A message from Philippines president Benigno S. Aquino III was also read out.
In the message, Aquino expressed his gratitude for the 2,000 jobs that have been created over the years through Yokohama Tire Philippine’s investment in the Clark Freeport Zone and for the 3,000 new jobs to be created through the current plant expansion. The message also stated the president’s anticipation of long-term cooperation and friendship between the parties involved.
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