LIPETSK, Russia (April 5, 2010) — Yokohama Rubber Co. Ltd. (YRC) broke ground March 23 for its $165 million car tire plant in Lipetsk and expects the factory to be in production by year-end 2011.
The 462,680-sq.-ft. plant, designed to make 1.4 million tires a year at start-up, will be operated by Yokohama R.P.Z. L.L.C., an 80-20 joint venture involving Yokohama and Japanese trading company Itochu Corp. The plant will be built on a 59-acre site in a special economic zone in Lipetsk, about 350 miles south of Moscow.
More than 50 invited guests, including the governor of the Lipetsk Region, representatives of the Russian Federation, region government and the SEZ, the minister of the Japanese Embassy and Shinichi Suzuki, managing corporate officer of YRC, participated in the groundbreaking ceremony.
In his remarks, Mr. Suzuki said, “Construction of the new tire plant is aimed at delivering highest quality tires to every corner of Russia as soon as possible. We plan to build a plant with the latest in technology with more than enough consideration about environment and energy saving.”