Toyo Tire plans to open factory in Serbia - president Vucic
30/07/2019 11:03
BELGRADE, July 30 (Reuters) - Japan's Toyo Tire 5105.T
plans to open a production facility in Serbia in a 390 million
euro ($434.54 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 ($51.95 million) and last month it announced
it ramped up capacity at its United States-based subsidiary.
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($1 = 0.8975 euros)
($1 = 108.5600 yen)
(Reporting by Aleksandar Vasovic; Editing by Louise Heavens)
((aleksandar.vasovic@thomsonreuters.com; +381113044930;))