Through a new arrangement with Mitsubishi Corporation (Mitsubishi), Toyo Tire & Rubber (Toyo) aims to “survive and remain viable” during the “unprecedented transformation” currently occurring in the automotive industry. The two parties have entered into a business alliance agreement that involves Mitsubishi increasing its shareholding in Toyo from 3.05 per cent to 20 per cent. Toyo will issue Mitsubishi 26,931,956 new shares via a third-party allotment that will be paid in between 15 January and 28 June 2019. With this share acquisition, Mitsubishi becomes Toyo’s largest shareholder.
An official opening ceremony for Bridgestone’s new passenger car tyre factory in Russia will be held next Thursday, states the tyre maker. Although commercial production at the Bridgestone Tire Manufacturing C.I.S. LLC facility began last December, on 25 May more than 200 invited guests, including key Bridgestone partners, suppliers and representatives from local, regional, national and also Japanese government authorities, will attend a ceremony at the 81-hectare plant site in the Zavolzhye Industrial Zone, some 560 miles southeast of Moscow.
The 2016 opening of a Bridgestone tyre production facility in Russia, as reported by Tyrepress.com on 22 January, is the culmination of a joint project agreed upon almost three years ago. On 12 April 2013, Bridgestone Corporation concluded an investment contract with co-investor Mitsubishi Corporation and with the Ulyanovsk Oblast government and Ulyanovsk Region Development Corporation, to build a ¥37.5 billion (£221 million) passenger car radial tyre plant in the Zavolzhye Industrial Zone in Ulyanovsk Oblast, Russia.
Bridgestone is open its first tyre production plant in Russia later in 2016, according to Russian news reports. The Russian Tass news agency reports that Bridgestone will invest the equivalent of US$147.7 million in the plans, which should take shape in the second half of the year.