Yokohama reaches agreement to acquire Aichi Tire Industry Co., Ltd.
An agreement was reached by Yokohama Rubber on its planned acquisition of Aichi Tire Industry Co., Ltd. The shareholders of the Japanese industrial tyre manufacturer have consented to Yokohama Rubberâ€™s purchase of all shares for an undisclosed sum, and Yokohama plans to complete the acquisition by March 2017. After this date, Aichi Tire will be a wholly-owned subsidiary of Yokohama Rubber.
Aichi Tire is headquartered in Komaki, in Japanâ€™s Aichi Prefecture, and manufactures tyres for forklifts and other industrial machinery. Aichi Tireâ€™s products include solid and press-on tyres. The company supplies these products to an extensive clientele of industrial machinery manufacturers, mainly in Japan. In the financial year to 31 March 2016 the company achieved net sales of Â¥7.4 billion (Â£51.5 million) and an operating of Â¥590 million (Â£4.1 million)
An expansion of Yokohama Rubberâ€™s commercial tyre business is a focus during the current phase of the companyâ€™s Grand Design 100 mid-term management plan. In addition to the acquisition of Aichi Tire and the purchase of Alliance Tire Group last July, Yokohama opened a new truck and bus tyre factory in the USA in October 2015.