Yokohama Rubber said it plans to invest 50 billion yen to increase Yokohama Tire Philippines Inc.’s (YTPI) yearly production capacity from 7 million to 17 million tires. The company has signed a contract with Clark Development Corp. to lease 300,000 square meters adjacent to its Philippines plant.
The expansion will create 3,000 additional jobs.
At the signing, Hikomitsu Noji, director and managing corporate officer, discussed the Yokohama’s global strategy aimed at attaining 1 trillion yen in sales in 2017. Hamaya, president and CEO of YTPI, presented the expansion plan.
YTPI was formed in 1996 as a base for manufacturing passenger car tires for export markets. At present, the company manufactures passenger car and SUV tires in size 13- to 18-inch diameters. Most of the tires are exported to Europe, North America and ASEAN countries for replacement markets, while the rest go to North American and Asian OE markets.
