OSAKA, Japan (Dec. 29, 2004) — Toyo Tire & Rubber Co. Ltd. will establish a sales subsidiary in Germany, effective Jan. 1, to serve the entire European market.
Toyo said the subsidiary, in Neuss, Germany, will be known as Toyo Tire Europe GmbH. The subsidiary is a joint venture with Mitsubishi Corp., with Toyo owning 60 percent. Takeo Suzuki will be president of the firm.
With the sales subsidiary, Toyo hopes to implement unified sales and marketing strategies for the European tire market, which has been growing with the progress of the European Union, Toyo said. The tire maker also hopes to expand sales across the continent with the new sales arm.
All business operations of the previous sales subsidiary in Germany, Dusseldorf-based Toyo Reifen GmbH, will be taken over by the new firm, Toyo said.