Toyo sets up Railway AVS company in China

ERJ staff report (DS)

Wuxi, Jiangsu, China -- Toyo Tire & Rubber Co., Ltd.is to establish a new company in Wuxi City, Jiangsu Province, China, to manufacture and distribute air springs and anti-vibration rubber components for railway vehicles. The company comes following a JV agreement with Wuxi Meifeng Rubber Products Manufacturing Co., Ltd and is provisionally called Wuxi Toyo Meifeng Rubber Products Manufacturing Co., Ltd.

Toyo will hold a 51 percent share in the JV, which expects to bring the plant on stream in June 2012, when it will employ 50 people and forecasts sales of Yuan 100 million (euro 10.7 million) by 2015.

The signing ceremony was held today (5 July), whereby the two firms executed the basic agreement to establish the merger company.

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Press release from Toyo