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Toyo to invest EUR 364 mln in Serbian factory by end-2023

Japanese tire and rubber company Toyo Tire Corporation plans to invest EUR 364 million in its factory in the Serbian municipality Indjija by the end of 2023, news portal eKapija reports, citing the city government. 

Photo by Vladimir Razgulyaev / Shutterstock.com

Toyo has completed the acquisition of a 63-hectare plot of land in the northeastern industrial zone of Indjija where it will build a factory on a footprint of 300,000 square meters and will hire 523 workers in the first phase of its development, the city government said.

The Japanese company established its Serbian subsidiary Toyo Tire Serbia, based in Belgrade, in October 2019. It is active in the manufacturing and sales of radial tires for passenger vehicles and light trucks, eKapija said.