Toyo Tires closing US auto parts operation
Toyo Tire Corporation will end the manufacture of non-tyre automotive parts at its subsidiary in the USA. The cessation of production at Toyo Automotive Parts (USA), Inc. will take effect on 31 October 2023, and the company will be dissolved as a business entity. The closure of the Franklin, Kentucky-based business affects (as of June 2023) 207 employees.
Toyo Automotive Parts has supplied anti-vibration rubber and joint boots to vehicle manufacturers in the North American market since 2001. As a result of rising material, energy and labour costs, the business has been unable to maintain or improve its profit outlook.
With the aim of optimising management resources, strengthening business infrastructure and enhancing the competitiveness of its automotive parts business, Toyo Tire Corporation will consolidate the manufacture of products currently made by Toyo Automotive Parts at its other global locations. The company is confident that customers in North America will not experience any disruption of supplies, as they will continue to be served by its Toyo Tire North America OE Sales LLC subsidiary.
“We wish to express our sincere gratitude to our employees, the local communities and stakeholders who have made contributions to and supported TAP for the past 22 years. We will be providing each employee with job placement assistance,” states Toyo Tire Corporation.
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