Establishment of a new plant in the Republic of Serbia
Toyo Tire Corporation announces to establish a subsidiary in the Republic of Serbia, to construct and operate a new tire manufacturing plant in Indijia City.
Toyo intends to continuously strengthen its business platform by producing highly added value product with timely supply to the global market. In such connection, Toyo Tire announced within the 2017 mid-term plan to consider a new manufacturing platform with a focus on sustainable growth in 2020 and onwards.
The producer is supplying tires for the European and Russian market from factories in Japan and Malaysia. As of 2022, the new manufacturing base in Serbia will take on a key role in this regard. This new production portfolio will reinforce our global tire manufacturing and supply system.
IoT (Internet of Things) will be fully installed at this plant, which will operate as a sophisticated smart factory. Toyo will take on the challenge for a new level of competitive manufacturing, while achieving high quality at low cost and plan to supply differentiated and highly added value products for luxury passenger vehicles and light trucks within and outside the European market.
Toyo Tire will begin construction of the plant in Serbia in May 2020, initiate tire manufacturing operations in January 2022, with a capacity of five million tires annually (based on tires for passenger vehicles) by the summer of 2023.