News

TOYO TIRES TO ACQUIRE 75% EQUITY INTEREST IN CHINA-BASED TIRE MANUFACTURER, SHANDONG SILVERSTONE LUHE RUBBER & TYRE CO., LTD.

Osaka, Japan- April 12, 2011– TOYO TIRE & RUBBER CO., LTD. (President and CEO: Kenji Nakakura, the “Company”) announces a decision by its Board of Directors today to acquire a 75 % (Seventy-Five percent) equity interest in China-based tire manufacturer, Shandong Silverstone Luhe Rubber & Tyre Co., Ltd. (“SSLRT”).

The Company has been working to improve its corporate value through a long-term global growth strategy. Through this acquisition, the Company will now be in a position to supply truck and bus tires from SSLRT, and passenger car tires from the Company’s new factory which is under construction in Jiangsu province (Toyo Tires Zhangjiagang Co., Ltd.) This will in turn enable the Company to meet strong demand in rapidly expanding markets in China and elsewhere.

The Company plans to commence production of TOYO TIRES at this new subsidiary as soon as practicable. The goal is to establish an optimal tire supply system, not only for China, but for all of our overseas markets.

Overview of SSLRT
Entity Name: Shandong Silverstone Luhe Rubber & Tyre Co., Ltd.
Location: Luzhou Zhucheng River Industrial Park, Shandong Province, China
Representative: Chan Ho Wai, Chairman
Business: Manufacture and distribution of motor vehicle tires
Paid-in Capital: 330,138,000 RMB (4,186 million Yen)
Date Established: December 21, 2004
Manufacturing Capacity: 400,000 units annually
Employees: 500
Current Shareholder: Lion Rubber Industries SDN. BHD. (“LRI”; Malaysia) holds 100% of the outstanding shares of SSLRT.

Acquisition Schedule
Date of Resolution of Company Board Meeting: April 12, 2011
Date of Acquisition Agreement: April 12, 2011
Estimated date of Acquisition Closing: Early June 2011

Future outlook

The Company is assessing the impact, if any, that this acquisition may have on its business results for the fiscal year ending March 31, 2012, and will make additional disclosures as may be required under the Tokyo Stock Exchange Timely Disclosure Rules.

Disclaimer

No information on this news release is intended as either an offer to sell, or a solicitation of an offer to buy, any securities of TOYO TIRE & RUBBER CO., LTD. When making any investment decision, investors should review securities reports, filed or submitted by the Company with the relevant regulatory authorities, and should exercise their own judgment in making their investment decisions. Furthermore, with the exception of historical facts, any current plans, strategies or beliefs held by TOYO TIRE & RUBBER CO., LTD. as expressed in this news release shall be considered a forward-looking statement. These statements are based on management's assumptions and beliefs in light of the information currently available. The assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements.

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