Yokohama invests P3.5B, expands Clark operations
YOKOHAMA Rubber Co. Ltd. (YRC) committed to invest a substantial P3.5 billion or about 8.4 billion yen in its Clark-based tire plant, Yokohama Tire Philippines Inc. (YTPl).
Announced on January 25 during the meeting between Clark Development Corp. (CDC) and YTPI officials, the expansion would boost daily tire output to 32,500, adding 1,800 tires per day.
CDC President and Chief Executive Officer Agnes Devanadera expressed optimism for the venture, underscoring Clark’s reputation as a preferred investment destination.
The plan included a new production line for 21- and 22-inch tires as per YRC’s recent news release.
“Expansion work is set to commence in the second quarter of 2024, and the new lines are expected to be fully operational from the second quarter of 2026 when YTPI marks its 30th founding anniversary,” YRC said in its press release.
As of Dec. 31, 2023, CDC’s Investment Promotions Division reported that YTPI ranked as the second-highest exporter with $387.43 million while standing among the top six employers, supporting 3,901 workers and professionals in the free port.
Since its establishment in April 1996, YTPl specialized in producing 13- to 20-inch tires for global export with the majority shipped to Europe, North America and the Southeast Asian region
The YRC press release went on to say that the expansion aimed to enhance YRC’s responsiveness to global tire demand, strengthening YTPl’s earnings through increased production of high value-added, large sized tires.
YRC’s consumer tire business focused on boosting sales of high value-added Yokohama tires — including the Advan and Geolandar brands — by strengthening tire development, production, supply and sales operations in each region.