It says this is to reflect the company’s increasing emphasis on “mobility” at its core field of business.
Toyo said the change will help “further accelerate the increase in corporate value by expanding the global business and strengthening the brand business….”
The company, which moved to new headquarters in Hyogo last May, disclosed in August last year that it was divesting major portions of its chemical industrial products business unit to fellow Japanese companies Nitta Corp. and Sekisui Chemical Co. Ltd.
The businesses being divested represent about US$235 million in annual sales, according to Toyo’s fiscal 2017 results.
Toyo’s seismic isolation rubber business—which was involved in a series of fraudulent business transactions over the past several years that resulted in tens of millions of dollars in losses for Toyo—was not part of that sale.
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