The Silverstone tyre plant in Kamunting, Taiping in the state of Perak will cease operations in June this year, the New Straits Times reported. Silverstone Malaysia (SSM), the wholly-owned subsidiary of Toyo Tire Corporation, will also be dissolved once the necessary preparations have been completed, the parent company said in a statement.
The Taiping plant’s production capacity and position within the wider group’s global strategy from an all-round perspective showed that the closure was unavoidable, according to the Japanese tyre manufacturer’s statement. In addition to the Silverstone facility, the Toyo Group also operates Toyo Tire Malaysia (TTM) which produces tyres under the Toyo brand.
“Toyo Tire Malaysia functions as a global hub, supplying tyres not only to Southeast Asia, but also to other global markets including North America, Europe and Japan. Production of certain Silverstone brand products previously manufactured at SSM (the Silverstone plant in Taiping) will be transferred to TTM, and production and supply will continue,” the firm said in its statement as quoted by the news daily.
The company booked an extraordinary loss of 6.27 billion yen (RM239 million) in its consolidated financial results for the fiscal year ended December 31, 2020. This consisted of an impairment loss of 5.11 billion yen (RM195 million), and a loss on liquidation of subsidiaries and affiliates of 1.16 billion yen (RM44.2 million).
Looking to sell your car? Sell it with Carro.
Toyo Tayar should increased selling price to suffer from more losses.
It closed because of stiff competitors. Increasing the price wouldn’t makes them perform better in business, high chance it’ll end up the same as history repeat itself.
At a quarter Billion RM loss,means the closure of Silverstone plant is a stern reminder of our covid stricken economy.
Layoffs ,will run into hundreds of rakyat.
So,the safest employment seems to be the ever bloated civil service.
The ever civil service still busy work as ever.
Kesian our penjawat2 public servants work overload.
Always they need to take a well deserved break when working … go mengopi teh tarik, smoking bernafas & jemput anak balik sekolah. Kipidap the hardworking work from home 70Mentris.
Rakyat has full confidence in how things are being run. Well done caring team!
Silverstone closure had nothing to do with covid. It had been in trouble way before this, so don’t conflate both. Silverstone only survived due to OEM support from Proton, with Geely tookover Silverstone’s position is threatened and obviously they spiralled downhill since then.
Also not forgetting OEM support from Perodua. Other than these 2, no other car makers want Silverstone on their cars.
Nope….nothing to do with proton. It because their product is not good and alternative brands are offering better quality at similar if not better price.
Only good product from Silverstone is the AT117.
Both you and Gary are right. Their products weren’t any good so there isn’t REM takeup but they still manage to hang around with OEM orders from p1 until recently.
FDI’s keeping the high pace of leaving Malaysia.
If you read closely, this is FDI coming in since Toyo is directly taking over their local entity.
Facts:
The Taiping factory totally close by June..
Silverstone Malaysia Bhd. will be liquidated.
Production of Toyo tyres including Silverstone brand will be moved to other Toyo’s own factory.
The closure is unavoidable since SSM record shows it recorded its highest lost in 2020.
All the Taiping Silverstone factory workers will be retrenched.
It’s not a takeover, it is closing shop. Reduce capacity.
According to MTUC today, more or less 1,000 workers will be retrenched.
Tinguk sape dlm Govt skrg, hantu kom kom pon lari. Pity those 1,000 workers, dongibap gais!
silverstone tyres are just plain basic, no new safety features, yet still same mid-high price, recycling same formula for the past 30 years. and then comes late entry brands like achilles, nexen, maxxis offering better features, silverstone still never bothered to reinvent themselves. the name also is a copycat of firestone tyres. no originality, no vision. one thing silverstone are good at is producing obscene/racy calendars that they distribute to tyre shops each year. i know because i got a copy too.
After Toyo had taken over Silverstone almost 10 years ago, it was a matter of time the Silverstone brand will cease to exist.
proton now using what tyres? not silverstone ah?
Silverstone tyres previously has probably one of the most advanced R&D done on tyres in malaysia. Putting out innovative tyres such as the centipede (tayar lipan) for 4×4 that was in high demand all over the world, and the FTZ sport range of performance tyres. It all spiralled down after toyo takeover, all the innovative tyre designs stopped production so that not to challenge toyo own tyre products, no R&D whatsoever and just continue producing cheap tyres for Proton and other OEMs.
Basically it is what Toyo tyre wants in the first place, taking over and shutting down a competitor.
Been using Toyo tires for Gen 1 Myvi on daily basis, hope there will be better tires for local Malaysian consumers
245*70*16
I went for job interview in 2017, they ask me where do you see yourself in 5 years?. I said maybe no longer working here as I plan on getting my masters degree once I got enough money. They rejected me on the spot because they want people working there long term.
It hasn’t even be 5 years yet, “long term” LOL.