Toyo Tire in Taiping
Tuesday July 19, 2011
Toyo Tire to invest RM1.2bil in Perak
IPOH: Japanese tyre maker Toyo Tire & Rubber Co Ltd, which has taken over Taiping-based Silverstone Bhd, aims to increase its annual production to 15 million units in the next five years, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said yesterday.
He said Toyo Tire, which has acquired 100% equity in Silverstone, would invest RM1.2bil to expand its operations in Asia.
“Two weeks back, I was at Toyo Tire's headquarters in Osaka, Japan, to meet its president and chief executive officer Kenji Nakakura.
“And he had informed (me) about the company's plans to expand its operations in Perak with an investment of US$400mil (RM1.2bil),” Mustapa said following a meeting of Nakakura and Perak Mentri Besar Datuk Seri Dr Zambry Abdul Kadir here yesterday.
Mustapa said Toyo Tire's investment would include its plans to increase production capacity at the Taiping factory as well as for the construction of a new factory on 20ha in another area that had been identified. - Bernama