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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Toyo Tire Corporation    5105   JP3610600003

TOYO TIRE CORPORATION

(5105)
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TOYO TIRE: Establishment of a New Plant in the Republic of Serbia

07/30/2019 | 07:06am EST

Toyo Tire Corporation (Headquarters: Itami City, Hyogo Prefecture; President: Takashi Shimizu) announces to establish a subsidiary in the Republic of Serbia, to construct and operate a new tire manufacturing plant in Indijia City.

Toyo Tire 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.

Toyo Tire 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, ex: MES*1) 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.
*1: MES: Stands for Manufacturing Execution System.

The Republic of Serbia complies with all requirements for Toyo Tire. Outstanding resource of highly skilled workforce but comparatively low wage, integration of automotive industries due to ongoing investment by foreign companies, and a blossoming relationship with Japan. Thus, a particularly attractive business environment is being prepared within Europe.

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.

Outline of new plant

Scheduled
Construction Site

Indijia City, Autonomous Province of Vojvodina, the Republic of Serbia

Site Area

About 600,000 m2 (about 150 acres)

Start of Manufacturing

January 2022 (planned)

Production Capability

Five million tires annually (based on tires for passenger vehicles)

Number of Employees

About 500

Investment

About 48.8 billion Japanese Yen (390.5 million Euros)

Items Manufactured

Radial tires for passenger vehicles and light trucks

Profile of new company

Location

Belgrade, the Republic of Serbia

Business Details

Manufacture and sales of radial tires for passenger vehicles and light trucks

Investment Ratio

Toyo Tire Corporation: 100%

Date of Establishment

September 2019 (planned)

Capital

20 billion yen (160 million Euros)

 


© Business Wire 2019
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Financials
Sales 2020 344 B 3 308 M 3 308 M
Net income 2020 19 842 M 191 M 191 M
Net Debt 2020 89 168 M 857 M 857 M
P/E ratio 2020 13,0x
Yield 2020 2,68%
Capitalization 259 B 2 492 M 2 488 M
EV / Sales 2020 1,01x
EV / Sales 2021 0,92x
Nbr of Employees 11 840
Free-Float 71,3%
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Technical analysis trends TOYO TIRE CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 2 050,00 JPY
Last Close Price 1 681,00 JPY
Spread / Highest target 51,7%
Spread / Average Target 22,0%
Spread / Lowest Target -4,82%
EPS Revisions
Managers
NameTitle
Takashi Shimizu President & Representative Director
Yasuhiro Yamada Chairman
Ken Morita Independent Outside Director
Atsushi Takeda Independent Outside Director
Masayuki Kanai Director & Managing Executive Officer
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