Toyo closes a number of its European subsidiaries

Japanese Toyo Tire Corporation has announced the establishment of a new subsidiary, Toyo Tire Sales and Marketing Europe (TSE), with its headquarters in Serbia, which will start selling products in the European market starting January 2025. By the end of next year, TSE will also take over management functions currently performed by Toyo Tire Holdings of Europe GmbH (TTHE), based in Germany, and from January 2025, the companies Toyo Tire Deutschland GmbH, Toyo Tire Benelux B.V., Toyo Tire Italia S.p.A., and Toyo Tyre (UK) Ltd., operating in Germany, the Benelux countries, Italy, and the UK, respectively, will be gradually closed.

Toyo notes that they "aim to consolidate their business structure across Europe to further improve management efficiency in the region and accelerate the company's development".

"We will also work to increase customer satisfaction in the regional market and expand the presence of the Toyo Tires brand, as well as strengthen our tire business on a global scale," the company adds.

Toyo is not only liquidating a number of subsidiaries in several European countries to have their tasks performed by a single company based in Serbia, where the Japanese tire manufacturer's plant is also located, but also transferring some functions of its research center in Germany to a new research and development center planned to be built near the production complex in Serbia.

The plant in Serbia was opened in July 2022 as part of the mid-term development plan Mid-Term '21 Plan, and the research center in Germany, established in November 2019, provided technological support to the new enterprise. After that, Toyo "worked on creating a supply system for the European market", and the Serbian plant also produces and delivers products to the company's main market, namely North America.

The company TSE will be founded in December 2024, and its managing director will be Kenta Kuribayashi, who currently serves as president of Toyo Tire Europe GmbH.

According to media reports, about 120 people are currently employed in the companies being closed, while the TSE staff will consist of 29 employees.