Toyo Tire Corporation (Formerly Toyo Tire & Rubber Co., Ltd.)

Company Profile

■URL

https://www.toyotires-global.com/

■Address

2-2-13 Fujinoki, Itami-shi, Hyogo-ken, 664-0847, Japan

Business Overview

-The company's two business segments are tires and automotive parts.

-Mitsubishi Corporation owns a 20.02% stake in the company.

-The company develops, manufactures and sells tires for passenger cars, SUVs, crossover SUVs, pickup trucks and other large vehicles, as well as tires for trucks and buses. It develops, manufactures, and sells tires for passenger cars, SUVs, crossover SUVs, pickup trucks, and other large vehicles, as well as tires for trucks and buses. It owns the Toyo Tires, Nitto, and Silverstone brands.

Shareholders

-Listed on the first section of the Tokyo Stock Exchange  (As of Dec. 31, 2020)
Name or Company Name Investment Ratio (%)
Mitsubishi Corporation 20.02
The Master Trust Bank of Japan, Ltd. (Trust Account) 9.56
Custody Bank of Japan, Ltd. (Trust Account) 5.87
Bridgestone Corporation 3.24
Toyota Motor Corporation 3.10
JP MORGAN CHASE BANK 385632 2.88
ORBIS SICAV 2.47
THE CHASE MANHATTAN BANK,N.A. LONDON SPECIAL ACCOUNT NO.1 2.43
Custody Bank of Japan, Ltd. (Trust Account 9) 2.32
MUFG 1.83
Total 53.76

Products

Tire business
-Tires
-Tubes for tires
-Flaps
-Aluminum wheels

DiverTech Businesses
-Anti vibration rubbers

  • Engine mounts
  • Motors mounts
  • Member mounts
  • Differential mounts
  • Strut mounts
  • Bushes
  • Couplings
  • Exhaust mounts
  • Dynamic dampers

-CVJ boots

History

Dec. 1943 Hirano Rubber Manufacturing established (with capital of 1.4 million yen).
Aug. 1945 Merged with Toyo Rubber Chemical, Inc., and the Company name was changed to Toyo Tire & Rubber Co., Ltd. (with capital of 9.5 million yen).
Produced footwear, tires, tubes, belts, recycled rubber and rubber coated fabric at the Amagasaki, Osaka, Ibaraki, Kawanishi, and Tokyo Plants, respectively.
Aug. 1947 Started exporting truck tires.
May, 1949 Listed on the Osaka Stock Exchange.
Jul. 1953 Started operations at the Itami Plant to manufacture passenger-car tires.
May 1955 Listed on the Tokyo Stock Exchange
Sep. 1961 Listed on the Nagoya Stock Exchange.
Dec. 1961 Established the Central Lab (currently the Technology Development Center, Ibaraki-shi)
Dec. 1962 Established Tohoku Toyo Rubber Inc. (Sendai-shi, Miyagi) for automobile tire production.
Jul. 1966 In order to launch tire sales in the USA, Toyo Tire (U.S.A.) Corp. was established as the first overseas sales subsidiary in the USA founded by a Japanese tire manufacturer.
Jun. 1971 Established Toyo Giant Tire Co., Ltd.
(currently Nippon Giant Tire Co., Ltd.)
Feb. 1974 Established Toyo Tyre & Rubber Australia Ltd.
Jul. 1975 Established Tire Testing Course in Miyazaki Prefecture, Japan, the first of its kind built by a Japanese tire manufacturer.
Apr. 1978 Merged with Tohoku Toyo Rubber
Feb. 1979 Formed a comprehensive business alliance with Nitto Tire Inc. that covered manufacturing, technology, sales, and general administration.
Nov. 1979 Established Hishito Tire Inc.
Nov. 1981 Formed a business tie-up with Continental (Germany)
Jan. 1983 Signed a technology agreement with General Tire (currently Continental North America Inc.).
Jun. 1983 Established Fukushima Plant (Fukushima-shi, Fukushima) in order to produce marine products as authorized by the government.
Apr. 1985 Established Nippon Giant Tire Co., Ltd.
(joint venture with Goodyear Tire & Rubber Company)
Apr. 1986 Established Nippon Giant Tire Co., Ltd. (joint venture with Goodyear Tire & Rubber Company)
Mar. 1987 Established a joint venture company Yoshin Kogyo with Zhengxin Rubber Industry (China) to develop business in anti-vibration rubber for automobiles.
Nov. 1988 Established a company, "GTY Tire Company" to manufacture radial-ply tires for trucks/buses as a joint venture with General Tire Company (U.S.) (currently Continental General Tire Company) and Yokohama Rubber.
Jan. 1996 Invested in Zhengxin Rubber (China) Inc., a subsidiary of Zhengxin Rubber Industry (Republic of China) in the field of passenger car tires.
Oct. 1996 Acquired Hishito Tire.
Dec. 1998 Itami Plant integrated into Kuwana Plant.
Sep. 1999 Formed a commercial alliance with Kinugawa Rubber Plant in the area of anti-vibration rubber products for automobiles.
Feb. 2000 8 domestic manufacturing offices acquired ISO 14001 certification.
Apr. 2000 Established Eastern Japan Automobile Parts Technical Center (Chiba Inage-ku).
Sep. 2000 Introduced independently operated profit centers.
Nov. 2001 Completed the main building of the "Toyo Technical Center", which is to become the central department for the R&D in the company, at (Itami-shi, Hyogo).
Aug. 2002 The Company entered into a capital participation in CSTP Tire (Xiamen) Co., Ltd. (China) in regards to radial tires for trucks/buses field,
Jan. 2003 Established Toyo Tire (Shanghai) Co., Ltd., which is a joint venture with Mitsubishi Corporation to sell tires in Shanghai, China.
Feb. 2003 Acquired a manufacturing subsidiary from Nichiasu Corporation and renamed it Soflan U-Board Co., Ltd. The subsidiary manufactures rigid urethane insulation boards.
Jun. 2004 Established Toyo Tire North America, Inc., an automotive tire manufacturing subsidiary in Georgia, U.S.A.
Jul. 2004 Established Toyo Advanced Technology Inc. in Nishi-ku, Osaka, a subsidiary to manufacture and sell polishing pads for semiconductor silicon wafer CMP equipment.
Sep. 2004 Established Toyo Automotive Parts (Guangzhou) Co., Ltd., a subsidiary to produce automotive anti-vibration rubber products in Guangzhou, China.
Apr. 2006 Merged Toyo Soflan Co,. Ltd. and Chubu Soflan Co., Ltd., forming a new company called Toyo Soflan Co., Ltd.
May 2008 Reached a basic agreement with Bridgestone Corporation to form a business and capital alliance.
Apr. 2010 Established a subsidiary, Toyo Tires Zhangjiagang Co., Ltd.,  to produce automotive tires in Chiangsu, China
Oct. 2010 Acquired all shares of Malaysia-based Silverstone Berhad, which manufactures and sell automotive tires, making the company a subsidiary.
Apr. 2011 Established tire manufacturing subsidiary "Toyo Tyre Manufacturing (Malaysia) Sdn Bhd (Current, Toyo Tyre Malaysia Sdn Bhd)" in Perak, Malaysia.
Jun. 2011 Acquired complete equity of tire manufacturing and sales company "Shandong Silverstone Luhe Rubber & Tyre Co., Ltd." in Shandong, China, and changed its name to "Toyo Tire (Zhucheng) Co., Ltd".
Jul. 2017 Dissolved the business alliance with Kinugawa Rubber Industrial Co., Ltd.
Jan. 2019 Changed company name to TOYO TIRE.
Oct. 2019 Established Toyo Tire Serbia d.o.o. Beograd, a production subsidiary for automotive tires, in the Republic of Serbia (Belgrade).
Nov. 2019 Established "European R&D Center" in Germany (Willich).

Supplemental Information 1

Main Business Alliances

(As of Dec. 31, 2020)
Signed date Partner point
(Country)

Agreement Details

May 16, 2008 Bridgestone Corporation
(Japan)
-The two companies, which are confronting with changes in the business environment such as structural changes in demand, competition, and earnings in the global tire and rubber industry, decided to form a moderate business and capital alliance that is expected to bring additional value to the two companies while still enabling them to keep their own independence in terms of business management.

-The Business Alliance Itself: After signing the agreement, Toyo and Bridgestone choose areas of the business alliance and determine what actual alliance projects they should pursue together in each business area.

-Capital Alliance: Toyo issues 20 million new shares. This amounts to 8.72% of all outstanding stock. It then allocates all those shares to Bridgestone. Bridgestone allocate 3.9 million of its treasury shares, which amount to 0.48% of outstanding shares to Toyo.
Nov. 1, 2018 Mitsubishi Corporation

-In order to further upgrade the business and management foundation for future growth, we will form a business and capital alliance with Mitsubishi Corporation.

-In the business alliance, the company and Mitsubishi Corporation will collaborate on the themes of strengthening sales, technology, and resources, and will work to maximize synergies through enhanced cooperation.

-The purpose of the capital alliance is to build a more stable capital relationship between the two companies and, on the basis of this capital relationship, to realize synergies and enhance the corporate value of each company by promoting the effective utilization of the strengths and management resources of both companies.

-Mitsubishi Corporation has subscribed for 26,931,956 new shares of the company through a third-party allotment with a payment date of February 12, 2019.

 

Major Joint Venture Agreements

 (As of Dec. 31, 2020)
Signed date Partner point
(Country)
Joint company
(Country)
Investment ratio Overview
Dec. 24, 1986 Zhengxin Rubber Industry Co., Ltd. (Taiwan) Yangxin Industry Co., Ltd.
(Taiwan)
-Toyo Tire & Rubber: 50%
-Zhengxin Rubber Industry Co., Ltd. (China): 50%
Manufactures anti-vibration rubber for automobiles


>>>Business Report FY ended Mar. 31, 2008

>>>Business Report FY ended Mar. 31, 2009
>>>Business Report FY ended Mar. 31, 2010
>>>Business Report FY ended Mar. 31, 2011
>>>Business Report FY ended Mar. 31, 2012
>>>Business Report FY ended Dec. 31, 2012
>>>Business Report FY ended Dec. 31, 2013
>>>Business Report FY ended Dec. 31, 2014
>>>Business Report FY ended Dec. 31, 2015
>>>Business Report FY ended Dec. 31, 2016

Note: A figure in brackets ( ) indicates a loss