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Toyo Tire divests several business segments  

Tuesday, August 22, 2017

Hyogo, Japan – Toyo Tire & Rubber Co., Ltd. has announced that, at the meeting of the Board of Directors, it was resolved to divest its Rigid Polyurethane Foam Business (including real estate, facilities, intellectual property rights, and other assets owned by TTR in relation to the Divested Business) which is currently consolidated under TTR’s DiverTech Business Segment. Toyo will also divest a major part of its Chemical Industrial Products business (excluding seismic isolation rubber for Construction), To facilitate this, TTR’s subsidiary, Soflan Wiz Co., Ltd. will succeed to the assets of the Rigid Polyurethane Foam business owned by TTR by way of an Absorption-Type Company Split. Because the Company Split is a simplified summary absorption-type company split with a wholly owned subsidiary, a simplified disclosure statement is provided below. Toyo Chemical and Industrial Products Co., Ltd. will form a new stock company, which will succeed to the assets of the Chemical Industrial Products business. All shares of the succeeding Company will be transferred to Nitta Corporation, pursuant to a Share Transfer Agreement entered into between TTR and Nitta Corporation.


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