In line with the reorganisation of its business, Japan’s Toyo Tire plans to consolidate its sales functions that are currently dispersed throughout Europe into a new company to be set up in Serbia, which is home to Toyo Tire’s production base. The new Serbian unit, Toyo Tire Sales and Marketing Europe, will start sales operations in Europe from January 2025.
Accordingly, the sales subsidiaries, namely Toyo Tire Deutschland GmbH (HQ: Germany), Toyo Tire Benelux BV (HQ: the Netherlands), Toyo Tire Italia SpA (HQ: Italy), and Toyo Tyre (UK) Ltd. (HQ: England), will successively cease their business activities from January 2025, says the company.
Toyo adds it will also transfer some of the functions of the current R&D Centre in Germany to a new R&D Centre scheduled to be built on the site of its present Serbian factory.
Toyo Tire opened its EUR390 million Serbian factory in the country’s northern city of Indjija in 2022. It currently operates in Serbia through subsidiary Toyo Tire Serbia.
It also set up the R&D Centre in Germany in 2019 and adds it has been working to rebuild the supply system for the European market while supplementing the production and supply of products for its main core market, which is North America.
Toyo Tire further stated it will “strive to consolidate our business structure for production, sales, and technology encompassing the entire European region, aiming to further strengthen our business management foundation in Europe and to develop our business flexibly and quickly.”