Toyo sells chemical business to Nitta
Japanese rubber products manufacturer Nitta has is to acquire the chemical and chemical and industrial products businesses of Toyo Tire and Rubber for 3.7 billion yen. The purchase does not include the now infamous seismic isolation rubber business.
Back in March Toyo Tire and Rubber said it was planning to sell its non-automotive operations and use the funds to strengthen its tyre business. Toyo Tire is expected to use the money from the sale to expand its tyre plant in Malaysia and invest in a US design centre set to open in 2018.