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Mitsubishi increases stake in Toyo, expanding tire maker's ability to compete globally

from Rubber & Plastic News

Japanese conglomerate Mitsubishi Corp. and Toyo Tire & Rubber Co. Ltd. have established a wide-ranging strategic partnership that will enhance Toyo's global distribution assets, help it compete more effectively in the evolving mobility sector and fund capacity expansions. As part of the partnership, Tokyo-based Mitsubishi — which has partnered with Toyo in distribution since 1974 — raised its ownership stake in Toyo to 20 percent from 3.05 percent with a $452.5 million investment for the purchase of 26.9 million newly issued shares. more

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