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Malaysia $1 19 Billion Tire (Radial vs Bias) Markets, Competition Forecast & Opportunities, 2027

Malaysia $1.19 Billion Tire (Radial vs. Bias) Markets, Competition Forecast & Opportunities, 2027 April 15, 2021 06:28 ET | Source: Research and Markets Research and Markets Dublin, IRELAND ResearchAndMarkets.com s offering. The Malaysian Tire Market stood at around USD1.19 billion in 2020 and is expected to register growth with a CAGR of around 5.86% by value terms in the forecast period. Passenger car demand is increasing owing to its usage for daily commutation and due to that vehicle fleet of the country is increasing, consequently, driving the Malaysian Tire Market. Moreover, increasing per capita spending of the people is also resulting in the upgradation of vehicles and hence inducing demand for technologically advanced replacement tires in the country.

Toyo to close Silverstone tyre plant in Malaysia

Toyo Tire Corporation announced plans to shut down a wholly-owned tyre plant in the Malaysian state of Perak by the end of June 2021, according to local reports. The Japanese tyre maker will also dissolve the related manufacturing subsidiary, Silverstone, once all formalities have been completed. The company said in a statement the closure was unavoidable considering the operating environment, the plant s limited capacity and its position in the group s global strategy .  The group operates another, larger tyre plant in Malaysia through its Toyo Tire Malaysia (TTM) subsidiary, producing Toyo brand tyres for south-east Asian markets and for export to markets including North America, Europe and Japan.

Toyo Tires to close Malaysian Silverstone plant | Tire Technology International

Toyo Tires to close Malaysian Silverstone plant | Tire Technology International
tiretechnologyinternational.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tiretechnologyinternational.com Daily Mail and Mail on Sunday newspapers.

Silverstone tyre factory in Taiping to close June 2021, Toyo Tire Malaysia to take over production and supply

Toyo Tire to close Silverstone plant in Malaysia, phase out brand

Print HYOGO, Japan Toyo Tire Corp. has decided to dissolve its Silverstone Berhad subsidiary in Malaysia and close the unit s car, truck, farm and industrial tire plant in Kamunting, Malaysia. Toyo will transfer the 32-year-old plant s production capacity of 3 million units to its Toyo Tyre Malaysia Sdn. Bhd. subsidiary nearby and discontinue the Silverstone brand. Toyo said it expects to book a $60 million loss on the action. Toyo bought Silverstone in 2010 and disclosed plans at that time to produce Toyo- and Nitto-brand tires at the firm s plant in Kamunting. Production is slated to stop by mid-year, Toyo said, with the dissolution of Silverstone as an entity to be completed by year-end.

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