Yokohama Tire Corporation to Build Commercial Tire Plant in Mississippi
Plant to have an initial capital investment of $300 million and is expected to
produce one million tires annually starting in October 2015
FULLERTON, Calif., April 29, 2013
FULLERTON, Calif., April 29, 2013 /PRNewswire/ --Yokohama Tire Corporation
(YTC) today signed an agreement to build a commercial truck tire plant in West
Point, Mississippi. The facility, which is expected to produce one million
tires starting in 2015, will have an initial capital investment of $300
million and potential plant expansions could reach up to four times the
original employment and investment levels.
"This is a historic day for Yokohama," said Hikomitsu Noji, president and
representative director of The Yokohama Rubber Co., Ltd., YTC's parent company
in Japan. "Since our entry into the U.S. market over 40 years ago, along with
the subsequent acquisition of our plant in Salem, Virginia in the 1980s,
Yokohama has been on a continual growth. Now we will build a factory in the
United States for the first time. It re-affirms our commitment to the North
American market and to the continued mutual success of Yokohama and its
business partner – our dealers. I'd like to thank Gov. Phil Bryant and the
State of Mississippi for their dedication in bringing this to fruition. I'd
like to thank Mississippi as well for a very warm welcome."
Noji, along with Gov. Bryant and officials from the state, participated in
today's signing ceremony at the West Point Ritz near the site of the future
company plant, about 149 miles from Jackson, MS, the state capitol.
"I am honored Yokohama has selected our state for its newest U.S. tire
manufacturing facility," said Gov. Bryant. "This new plant will have a
tremendous impact on the Golden Triangle region and on our state as a whole,
and I welcome this highly-respected company to Mississippi and look forward to
our partnership in the years to come."
"Yokohama's decision to locate in West Point is a testament to our eager and
hard-working community," said Joe Higgins, Chief Executive Officer for the
Golden Triangle Development LINK. "We're thrilled to welcome them to the
Golden Triangle and look forward to a long, successful relationship."
"West Point and Mississippi offer the optimal mix of cost and operating
conditions advantages that Yokohama is seeking to achieve," said Darin Buelow,
principal, Deloitte Consulting LLP and leader of Deloitte's Real Estate &
Location Strategy practice.
The plant will be built on over 500 acres of land with construction expected
to begin in September and completion two years later. Yokohama expects to hire
approximately 500 employees to work at the facility.
Yokohama Tire Corporation is the North American manufacturing and marketing
arm of Tokyo, Japan-based The Yokohama Rubber Co., Ltd., a global
manufacturing and sales company of premium tires since 1917. Servicing a
network of more than 4,500 points of sale in the U.S., Yokohama Tire
Corporation is a leader in technology and innovation. The company's complete
product line includes the all-new AVID^® Ascend^™ – the first mass-market
tire using Yokohama's breakthrough orange oil technology – as well as tires
for high-performance, light truck, passenger car, commercial truck and bus,
and off-the-road mining and construction applications. For more information on
Yokohama's extensive product line, visit www.yokohamatire.com.
Connect with Yokohama Tire Corporation:
Yokohama is a strong supporter of the tire care and safety guidelines
established by the Rubber Manufacturers Association and the National Highway
Transportation and Safety Administration. Details can be found at the "Tire
Safety" section at www.yokohamatire.com.
SOURCE Yokohama Tire Corporation
Contact: Bill Groak, PCGCampbell, (424) 903-3640, firstname.lastname@example.org
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