Japan’s Toyo Tire & Rubber Co plans to increase tyre production capacity at its Malaysian unit to 15m units annually in the next five years, according to Malaysian international trade and industry minister Datuk Seri Mustapa Mohamed.
Toyo Tire, which took full control of Perak-based tyremaker Silverstone earlier this year, said it will invest MYR1.2bn [US$400m] expanding its operations in Malaysia. A new factory will be built and the existing plant expanded.
Go deeper with GlobalData
The company is expanding aggressively across Asia at present to keep up with the blistering pace of vehicle production growth in the region.
