Toyo Tires Ends Capital and Business Alliance with Mitsubishi

Toyo Tire Corp. is terminating its capital and business alliance with Mitsubishi Corp., a partnership established in 2018 to strengthen Toyo’s sales and technological capabilities. The alliance achieved its objectives, and Toyo has now established a management structure capable of pursuing autonomous and sustainable growth. Mitsubishi currently holds 30 million Toyo Tire shares, equivalent to 20.01% of the company’s issued shares excluding treasury stock, making it Toyo Tire’s largest shareholder. Toyo plans to acquire up to 32 million of its own shares for up to Yen115 billion (€630 million) through an off-auction ToSTNeT-3 transaction, which will reduce Mitsubishi’s ownership below the threshold specified in the agreement. Following the sale, the Master Trust Bank of Japan is expected to become Toyo Tire’s largest shareholder, with a 16.6% stake in the group. The termination of the alliance is scheduled to take effect on August 10, and both companies will maintain a good relationship to continue advancing their business activities going forward.