Toyo Tire shareholders approve change of company name
Shareholders of Toyo Tire & Rubber Co. Ltd. approved the official change of company name to Toyo Tire Corporation at the company’s 102nd General Meeting of Shareholders on 29 March. The change of company name will take effect on 1 January 2019.
Toyo Tire & Rubber was created through the merger of Toyo Rubber Industrial and Hirano Rubber Manufacturing in August 1945. The company’s activities outside Japan now account for the majority of its sales, operating income and employee headcount, and Toyo Tire says its aim now is to further expand the scope of its global business and to elevate the status of its brand.
“The automotive industry is currently in what can be considered a once-a-century’ state of flux,” comments Toyo Tire & Rubber upon announcing the change of name’s approval. “In order to achieve further sustainable growth, we are focusing on the mobility business, such as automotive tyres and components.” With the change of company name next year, Toyo Tire & Rubber intends to boost its corporate value and show its resolve to be a “genuinely global brand.”