The Silverstone tyre plant in Kamunting, Taiping within the state of Perak will stop operations in June this yr, the New Straits Instances reported. Silverstone Malaysia (SSM), the wholly-owned subsidiary of Toyo Tire Company, may also be dissolved as soon as the required preparations have been accomplished, the mum or dad firm stated in a press release.
The Taiping plant’s manufacturing capability and place throughout the wider group’s international technique from an all-round perspective confirmed that the closure was unavoidable, in keeping with the Japanese tyre producer’s assertion. Along with the Silverstone facility, the Toyo Group additionally operates Toyo Tire Malaysia (TTM) which produces tyres beneath the Toyo model.
“Toyo Tire Malaysia features as a world hub, supplying tyres not solely to Southeast Asia, but in addition to different international markets together with North America, Europe and Japan. Manufacturing of sure Silverstone model merchandise beforehand manufactured at SSM (the Silverstone plant in Taiping) might be transferred to TTM, and manufacturing and provide will proceed,” the agency stated in its assertion as quoted by the information day by day.
The corporate booked a rare lack of 6.27 billion yen (RM239 million) in its consolidated monetary outcomes for the fiscal yr ended December 31, 2020. This consisted of an impairment lack of 5.11 billion yen (RM195 million), and a loss on liquidation of subsidiaries and associates of 1.16 billion yen (RM44.2 million).
