Toyo Tire: Establishment of a plant in Serbia
The Japanese Toyo Tire Corporation announced it will establish a subsidiary in Indijia City, Autonomous Province of Vojvodina, the Republic of Serbia in September 2019. According to the company, the subsidiary will construct and operate a new manufacturing plant for radial tyres for passenger vehicles and light trucks on a 600,000 m2 (about 150 acres) site.
Toyo Tire will invest approximately JPY 48.8 billion (~ EUR 390.5 million) in the new facility. The company is currently supplying tyres for the European and Russian market from factories in Japan and Malaysia. As of 2022, the new manufacturing base in Serbia will take on a key role in this regard, said Toyo Tire.
The company said the country complies with all its requirements, including: Good resource of a skilled workforce but comparatively low wage, integration of automotive industries due to ongoing investments by foreign companies, and a good relationship with Japan.
Toyo Tire plans to will begin construction of the Serbian plant in May 2020 and start tyre manufacturing operations in January 2022. The new plant is expected to reach a capacity of 5 million tyres annually (based on tyres for passenger vehicles) by the summer of 2023 and to employ about 500 people.