Notice of the dissolution of a U.S. subsidiary

　Toyobo Co., Ltd. announces that it will dissolve Alabama, U.S.-based Toyobo Industrial Materials America, Inc. (TIMA), a subsidiary that sells airbag fabrics in North America, due to recent changes in the market environment, including a surge in raw materials and labor costs.

　Airbag fabrics for the North American market will henceforth be supplied through a Toyobo sales subsidiary based in Thailand.

　At present, Toyobo has established an integrated production system for airbag yarn and fabrics in Thailand through Toyobo Indorama Advanced Fibers Co., Ltd. (TIAF)* and Toyobo Saha Safety Weave Co., Ltd. (TSSW). Toyobo will supply airbag-related products from its production base in Thailand to the global market, including North America and Europe, while meeting the diverse needs of clients.

 

Note

１．Overview of the subsidiary to be dissolved

　

- Company name:	Toyobo Industrial Materials America, Inc.
- Location:	Alabama, the United States
- Representative:	Masayuki Kimoto
- Capital:	28.5 million dollars
- Stake:	100% held by Toyobo Co., Ltd.
- Operation:	Sale of automobile airbag fabrics in the North American market
- Established:	2011

 

２．Dissolution and liquidation schedules

-	Scheduled period for the end of operation and beginning of liquidation procedures: the end of March 2027
-	Liquidation will be finalized after all necessary procedures are completed in accordance with local laws and regulations.

 

３．Impact on business performance

The dissolution’s impact on Toyobo’s separate and consolidated financial results is expected to be small.

If any matter requiring disclosure comes to light, we will promptly and appropriately announce such information in accordance with 　relevant regulations and standards.

 

*:	Refer to Toyobo’s press release dated October 12 , 2022　https://www.toyobo-global.com/news/2022/release_499.html

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