Uncategorized Toyo Tire plans to open factory in Serbia – president Vucic

Toyo Tire plans to open factory in Serbia – president Vucic

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Serbia’s President Aleksandar Vucic speaks in the Serbian Parliament in Belgrade, Serbia, May 27, 2019.

 Japan’s Toyo Tire (5105.T) plans to open a production facility in Serbia in a 390 million euro (£357.09 million) investment deal that would boost Balkan country’s revenues, Serbian president Aleksandar Vucic said on Tuesday. 

To boost revenues and cut debt Serbia sought to attract foreign investments which in 2018 amounted to 3.2 billion euros.

Toyo Tires (5105.T) which has a total of 13,000 employees worldwide, will produce automotive tyres in the northern town of Indjija, outside the capital Belgrade. It is expected to hire 539 staff, Vucic told a news conference.

“After three years of negotiations … I received an official letter from Takashi Shimizo, the president of the company, (saying) that Toyo Corporation picked Serbia as an investment destination,” Vucic said.

Construction of the production facility, which will cover 60 hectares, will start in the coming months, Vucic said.

In the first quarter of 2019, Toyo Tire reported net profit of 5.64 billion yen (£42.66 million) and last month it announced it ramped up capacity at its United States-based subsidiary.