Tokyo - The Yokohama Rubber Co., Ltd., today announced that Yokohama Rubber (China) Co., Ltd., the company's subsidiary controlling its overall activities in China, and Yokohama Tire Sales (Shanghai) Co., Ltd., a tire sales subsidiary, held a joint opening ceremony on April 12 at Sheraton Grand Taipingyang Hotel in Shanghai. Approximately 90 guests including those from the Chinese government, customer-dealers and local banks as well as approximately 80 people from Yokohama Rubber group companies in China including controlling company chairman Takashi Sugimoto and sales company chairman Ichiro Kondo in addition to Yokohama Rubber chairman Yasuo Tominaga, who, in his remarks, said, "Under the umbrella of the controlling company, we will promote the successful development of all Yokohama group operations in China and enhance sales capability created through the establishment of the tire sales company."

Capitalized at US$30 million, Yokohama Rubber (China) Co., Ltd. is a holding company established November last year in Shanghai City with 100% investment by Yokohama Rubber for the purpose of expanding its operations in China. The new company has already made investment into Yokohama Tire Sales (Shanghai) Co., Ltd., Shagdong Yokohama Rubber Industrial Products Co., Ltd. and Suzhou Yokohama Tire Co., Ltd. and will throw its mantle over existing and future subsidiaries in China.

On the other hand, Yokohama Tire Sales (Shanghai) Co., Ltd is a tire sales subsidiary established January this year in Shanghai as a joint-venture company between Yokohama Rubber (China) Co., Ltd. and YHI Corporation (Singapore) Pte. Ltd. with their shares being 51 percent and 49 percent, respectively, in US$3 million capital of the new company. It plans to increase sales in the rapidly-growing tire market in China by strengthening cooperation between manufacturing and sales operations and strategic sales capabilities.