Toyo Tires closing Australian rubber mixing business

Toyo Tyre Australia Pty Ltd., the Australian sales subsidiary of Toyo Tire Corporation, will wind up its rubber mixing business as of 13 December 2021. The closure of the 1974-established operation directly affects 36 of the 107 people employed (as of 31 December 2020) by Toyo Tyre Australia.

The Australian subsidiary will now liquidate the mixing business’s assets. Toyo Tires has yet to determine the impact upon its consolidated results for the period ending December 2021, but reports it is currently examining this and will announce any revision to the earnings forecast as soon as it deems this necessary.

Announcing the closure of the industrial rubber materials manufacturing business, Toyo Tires stated that it will “collaborate with Toyo Tyre Australia Pty Ltd., which provides services for the tyre market in Australia, to continuously provide high-level quality and services and will try our best in sales activities to further satisfy our customers.”