At a Board of Directors meeting held today, Toyo Tire Corporation approved plans to discontinue the business operations of its European sales subsidiaries, transferring these to a newly established company. From January 2025, Toyo Tyre (UK) Ltd. and three other sales subsidiaries will “successively cease their business activities.”
In the two years since opening its new plant in Serbia, Toyo Tire Corporation has come to view the facility as “extremely cost-competitive.” The tyre maker completed the installation of production equipment at the site in December 2023, and although the company states in its Integrated Report 2024 that “many obstacles” remain before the plant can “start a vertical take-off toward full-scale operation,” it anticipates that full production systems will be “up and running” before the end of the current business year.
Toyo Tire Corporation has released its Integrated Report 2024, a document that offers a comprehensive overview of the company’s financial and non-financial performance. This report is an annual publication aimed at providing stakeholders with a clear understanding of the company’s activities and its contributions to society.
Toyo Tire Corporation reported net sales of 273,501 million yen in consolidated business results for the second quarter of 2024 ended 30 June. That figure is up 3 per cent to 8,044 million yen compared with the same period in 2023.
Toyo Tire Corporation has announced changes to its organisational structure as well as key personnel appointments. All take effect 1 July 2024.
Toyo Tire Corporation has announced that its Open Country A/T III product has been selected as original equipment for the new Lexus GX, which went on sale in April 2024 in North America and elsewhere.
Toyo Tire Corporation should have no complaints about 2023, at least when looking at the company’s key financial figures. The Japanese firm has announced an 11.2 per cent year-on-year increase in net sales, to 552.8 billion yen (£2.9 billion). Operating income rose 74.6 per cent year-on-year, to 76.9 billion yen (£406.3 million) with a group-wide profit margin of 13.9 per cent.
Toyo Tire Corporation has appointed Koichi Inoue general manager of its Asia & Oceania Sales Division, effective 1 April 2024. Inoue joins the tyre maker from Mitsubishi Auto Leasing Corporation, where he served as the division’s chief executive.
Toyo Tire Corporation has announced changes related to its business within Europe. Effective 1 February, the company is “constructively” dissolving its International Production Division’s Europe Project Development Department. Meanwhile, Takanori Murase will become the new General Manager of Toyo Tire Corporation’s Europe, Sales Department and Sales Division for the Africa & Middle East region, effective 1 April 2024.
Toyo Tires has rung in the New Year with several management changes. As of 1 January 2024, Ralf Gutena succeeds Kenta Kuribayashi as president of Toyo Tire Deutschland GmbH. Gutena remains director of sales and marketing at the company’s European head office, Toyo Tire Holdings of Europe GmbH. Kuribayashi continues in his remit as president of Toyo Tire Holdings of Europe GmbH.
Toyo Tire Corporation has published its Integrated Report 2023, a document that provides information about the company’s financial performance and activities in other areas, including progress in Mid-Term ’21 Plan, the company’s mid-term business plan.
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 Tire Corporation has appointed Masaomi Kono division general manager of its Europe, Africa & Middle East sales division and also, confusingly, general manager of said division, as well as general manager of the Europe, Africa & Middle East sales department. Kono begins in these roles, and presumably will receive slightly larger business cards, on 1 April 2023.
Teppei Shigeno will end his tenure as president of Toyo Tyre (UK) Ltd. on 1 April 2023. Toyo Tire Corporation has not yet announced who will succeed him in this role.
As of 1 January 2023, Shoji Hirao takes on further responsibilities for sales within Toyo Tire Corporation’s Europe, Africa & Middle East business. In addition to his existing remit as division general manager for the Europe, Africa & Middle East sales division and sales headquarters, Hirao has been appointed general manager of the Europe, Africa & Middle East sales department and sales division.
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