From AFX News Limited
TOKYO --
Toyo Tire and Rubber Co. Ltd., Japan's fourth largest tire maker, has set up a wholly-owned subsidiary in China to manufacture anti-vibration rubber for use in autos.
The Japanese firm is targeting annual sales of 1.6 bln yen at the new firm, its first production base in China, in 2009.
The new unit, called Toyo Automotive Parts (Guangzhou) Co Ltd, is capitalized at $11 million, and will employ 130 workers in 2009.
The Chinese subsidiary will start making anti-vibration rubbers from September 2005.
Copyright 2004 AFX News Limited. All Rights Reserved.
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