CYPRESS, Calif. (Aug. 30, 2005) — Toyo Tire & Rubber Co. Ltd. has restructured its North American operations, creating Toyo Tire International (TTI) to oversee its holdings.
Carlos Kibata, former president of Toyo Tire (U.S.A.) Corp., becomes president of TTI, overseeing Toyo's North American holdings, which comprise Toyo Tire (U.S.A.), Toyo Tire North America Inc. (TNA), Nitto Tire North America and Nitto Tire Mexico. In addition, Masaharu Yoshimoto, former president of Toyo Tire, Australia, has been promoted to president and CEO of Toyo Tire (U.S.A.).
Toyo said its brand has undergone significant growth since the formation of Toyo Tire (U.S.A.) in 1966. In 2000 Nitto Tire North America was established, and the Toyo broke ground in 2004 on a tire plant in Bartow County, Ga. Known as TNA, the plant is intended to meet increased demand for passenger and light truck tires in North America.
Iori Suzuki has been appointed senior vice president, general counsel for TTI.
“This new corporate structure ensures Toyo Group's commitment to the North American market with investments in manufacturing and warehouse facilities on U.S. soil,” Mr. Kibata said. “Toyo Tires is dedicated to providing quality products for the North American consumer through our company's loyal network of independent tire dealers.”
Osaka, Japan-based Toyo Tire, which is celebrating its 60th anniversary in 2005, reported North American sales of $617.1 million during the year ended March 31, a 22.7-percent increase over the previous year.
In the three months ended June 30, sales in North America were $183.5 million, roughly 20 percent ahead of the fiscal 2005 pace on an annualized basis.