TOKYO — Yokohama Rubber Co. Ltd. has become the latest tire maker to shut down production in Russia.
The company is halting production at the passenger tire plant run by its Russian subsidiary, L.L.C. Yokohama R.P.Z., in Lipetsk, Russia.
In a brief statement to Tire Business, Yokohama said it "sincerely hopes that the situation in Russia and Ukraine will be resolved as soon as possible, and that peace and the safety of all people will be secured."
"Our greatest priority is to fulfill our responsibilities to all stakeholders, including Group employees and their families, customers, sales agents and business partners, and we are paying close attention to the developing situation," the company continued.
The Tokoyo-based company said it "will continue to collect information from its bases around the world and take appropriate measures as needed."
LLC Yokohama R.P.Z. was established in December 2008 becoming Russia's first passenger car tire plant operated by a Japanese maker, at the end of 2011.
According to Yokohoma, capacity there is 1.6 million tires a year, a 2.3-fold increase from the plant's capacity upon the start of operations in 2012.
In November, 2014, the plant began production began production of original-equipment tires for passenger cars.
Titan International Inc. has not released any statement regarding the state of its plant in Russia.