Toyo Serbia factory receives approval for 41 million euro subsidy

Following the news that the Japanese tyremaker has received free land as part of the state support package for its Serbia tyre plant, the country’s state aid commission has approved the allocation of 41 million euros ($48.7 million) in government financing to Toyo to support the construction of the new factory in Indjija, northern Serbia.

According to local news reports, the Serbian government has already approved the allocation of the state aid, which will be provided by the economy ministry to Toyo Tire Serbia, a fully-owned subsidiary of Toyo Tire Corporation, the state aid commission is reported to have said.