News
Silverstone Acquisition Completed
4 Jul 2011
Update on earlier announcement
Toyo Tires Completes Acquisition of Equity Interest in China-based Silverstone Company (Follow-up on previous announcement)
Osaka, Japan - 30 June, 2011 - TOYO TIRE & RUBBER Co., Ltd. (President and CEO: Kenji Nakakura), announced that pursuant to the announcement of April 12, 2011 "Toyo Tires to Acquire 75% Equity Interest in China-based Tire Manufacturer, Shandong Silverstone Luhe Rubber & Tyre Co., Ltd.," the acquisition of 75% equity interest has now been completed, and the Shandong Province Industrial and Commercial Bureau has issued a business permit.
1. Overview of the Company Acquired| (1) Entity Name: | Toyo Tire (Zhucheng) Co., Ltd. Name changed from "Shandong Silverstone Luhe Rubber & Tyre Co., Ltd." |
| (2) Location: | Luzhou Zhucheng River Industrial Park Zhucheng City, Shangdong Province People's Republic of China |
| (3) Representative: | Chan Ho Wai, Chairman |
| (4) Nature of Business: | Manufacture and sales of automobile tires |
| (5) Paid-In Capital: | 330,138,000 Yuan RMB |
| (6) Capital Percentage: | 75% |
| (7) Date Established: | December 21, 2004 |
2. Percentage of Equity Interest Owned before and after Acquisition
| (1) Equity Interest before Acquisition: | 0% |
| (2) Equity Interest after Acquisition: | 75% |
3. Date Equity Interest Acquired: June 22, 2011
4. Date Business Permit Obtained: June 29, 2011
5. Impact on the Business Results:
The impact of this acquisition upon Toyo Tires's Consolidated Business Results for the Fiscal Year
ending March 2012 would be minimal.
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