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Japan's Yokohama Rubber Corporation announced that it has established a subsidiary in Mexico in March 2013 and will begin operations in May this year.
The new company name is Yokohama Tyre Mexico (YTMX), and Gary Nash, executive vice president of Yokohama Tyre America Inc. in Sanaa, Mexico, has been appointed president of the new company, effective April 1.
Yokohama Rubber previously sold various tire products through the Yokohama Tire Company in the Mexican market. The company plans to expand its local business by providing direct sales, customer service and distribution channels in Mexico through its newly formed subsidiary.
In 2012, Yokohama's net rubber sales totaled 559.7 billion yen (approximately US$5.99 billion), an increase of 0.3% year-on-year; operating profit surged 85.7% year-on-year to reach 49.7 billion yen (approximately US$530 million); the company’s net sales in 2012 Profits surged 187.3% from 2011 to 32.6 billion yen (about US$350 million).
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