Toyo Tires to Expand North American Plant
Toyo Tires has announced that its manufacturing facility in Georgia is expanding its North American operations by increasing its tire production.
According to a release by Toyo Tires, the company intends to move its four-year medium-term business plan forward by addressing key goals on its agenda. These include strengthening product strength, improving the systems to increase sales in the North American market, optimizing the product mix to address market trends, strengthening its development and technical capabilities to supply innovative products, reinforcing the strength of its brand, and building an efficient supply system.
As explained by the company, pickup truck and large SUV sales are consistently faring well in the North American market. Toyo Tires states that its large-diameter tires mounted on such vehicles gives it an edge. The company expects the demand and supply capacity of this tire segment to continue to rise even beyond 2020. To target this market space, Toyo intends to equip half of the space of its facility for production in the new 5th phase building at the Georgia location. The expansion of the building took place at the end of 2018 for the purpose of increasing its production capacity.
As per the schedule drawn up by the company, it will start equipment installation in September 2020 with the production being due to start by January 2021. With the company’s 5th phase expansion plan, it targets a tire production number of 12.7 million by November of this year. With the “Additional Capacity Expansion” of this phase, the facility aims at producing 13.9 million tires by July 2021.