CLARK FREEPORT — Yokohama Rubber Co., Ltd. (YRC) is set to invest P3.5 billion (about ¥8.4 billion) in its Clark-based tire plant Yokohama Tire Philippines Inc. (YTPI).
The expansion, announced during a meeting between Clark Development Corp. and YTPI officials on Jan. 25, will boost daily tire output to 32,500, adding 1,800 tires per day.
CDC president and CEO Atty. Agnes VST Devanadera, expressed optimism for the venture, underscoring Clark’s reputation as a preferred investment destination.
“CDC remains steadfast in its commitment to ease of doing business conducive to growth and innovation. Our collective efforts have solidified Clark’s standing as a premier investment destination. Moreover, we welcome YTPI’s decision to expand within our vibrant Freeport,” Devanadera said.
The plan includes a new production line for 21- and 22-inch tires, 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,” it said.
As of Dec. 31, 2023, CDC’s Investment Promotions Division reported that YTPI ranks as the second-highest exporter with $387.43 million and stands among the top six employers, with a workforce of 3,901 individuals in this freeport.
Since its establishment in April 1996, YTPl has specialized in producing 13–20-inch tires for global export, with the majority shipped to Europe, North America, and the ASEAN region for use as replacement tires.
The expansion aims to enhance YRC’s responsiveness to global tire demand, strengthening YTPl’s earnings through increased production of high-value-added, large-sized tires, per YRC’s news release.
YRC’s consumer tire business focuses 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.
