Toyo officially exits GTY Tire JV
In January the three partners in the GTY Tire Co. joint venture – Toyo, Continental, and Yokohama – reached a settlement regarding Toyo’s dismissal from the from the truck tyre joint venture the previous year, a move linked to its “business and capital alliance” partnership with Bridgestone Corporation. A year on and Toyo is again out, and this time permanently. The business structure of GTY Tire has been altered and Toyo’s 16 per cent share in the joint venture has been divvied up by the two remaining parties. Continental now holds a 59 per cent stake in the joint venture and Yokohama 41 per cent. As part of Toyo’s exit agreement, the tyre maker has the option of purchasing tyres produced at Continental's Mt. Vernon, Illinois factory – where GTY tyres were manufactured – for the coming year. The name of the now two-party venture has not yet been made public.