Toyo buys Brazilian parts maker for US$15.6 million
Toyo has agreed to buy Brazilian auto vibration parts manufacturer Produflex for around 1.5 billion yen (US$15.6 million), according to the Nikkei. Produflex manufacturers anti-vibration products for OEMs operating in Brazil including Fiat and, according to online reports, the Brazilian firm has around 430 workers and reported sales of 1.5 billion yen in 2012. The deal was made public on 11 March 2013.
As well as producing tyres, Toyo Tire has established a reputation as the world’s largest supplier of automotive anti-vibration rubber products. What’s interesting in this case is that the deal is likely to be aimed at expanding Toyo Tire’s factory network in South America to five locations and “bring its first regional production site for anti-vibration rubber products onboard,” according to the reports.