Mitsubishi-Yokohama tie-up

Mitsubishi-Yokohama tie-up

HANOI (AFP): Japan's Mitsubishi Corp. and Yokohama Rubber Co Ltd. have received a license for a US$55.1 million joint venture rubber tire project, a Mitsubishi official said yesterday.

Yokohama will take a 56 percent stake and Mitsubishi 14 percent with the local partner, Southern Rubber Company (Casumina) under the Ministry of Industry, taking the remaining 30 percent, he said.

The project is licensed for 40 years and involves building two plants in southern Vietnam to produce motorcycle and automobile tires, aimed mostly at the domestic market.

The partners are still discussing the amount of output planned for export, he said.