Yokohama starts expansion project in Clark-A A +A
Tuesday, May 24, 2011
CLARK FREEPORT -- The Yokohama Tire Philippines Inc. (YTPI) held its groundbreaking ceremony on Monday, officially starting its manufacturing plant expansion.
The company decision is part of YTPI's third phase implementation of its Grand Design 100 (GD 100) and the medium-term management plan set on 2012.
Budget Secretary Florencio Abad and Japanese Ambassador to the Philippines Toshinao Urabe and Yokohama Rubber Corporation (YRC) President and Representative Director Tadanobu Nagumo graced the event.
Also present in the ceremony is YTPI president and CEO Tetsuya Kuze and Clark Development Corporation (CDC) president and CEO Felipe Antonio Remollo.
Upon completion, the extension of YTPI's manufacturing plant will result in a significant increase in production capacity.
By 2017, tires manufactured by YTPI will increase to approximately 17 million tires a year (50,000 tires per day) compared to the current production of seven million tires a year (21,000 tires per day).
The company is expected to hire additional 5,000 employees for its expansion.
A portion of the first plant expansion will be first operated in 2013 and the expanded area will be fully utilized by 2014.
With YRC's approval of YTPI's plant expansion, an area of 28.2 hectares will be added to the original 16.5 hectare-worth of YTPI perimeters.
YRC has already allocated an investment of 50 billion yen (P27 billion) for the plant expansion.
In relation to YTPI's plant expansion, a contract-signing was held last February 12, 2010. YRC President Nagumo and then Clark Development Corporation President Benigno Ricafort signed the contract.
Established in April 30, 1996, YTPI is the first international company established inside the Freeport.
Tires manufactured in the company are mostly exported to Europe, North America and other Asean countries.
YTPI has received the Outstanding Recognition for Overall Performance Award from CDC last 2009 and 2010 for its excellent management and leadership performance on social development, employment, and environment.
Published in the Sun.Star Pampanga newspaper on May 25, 2011.