Toyo Tires has sold its rigid polyurethane foam business
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Toyo Tire & Rubber Co., Ltd. (“Toyo Tires” or the “Company) has executed an agreement on July 28, 2017, to sell all shares of Soflan Wiz Co., Ltd. (“Soflan Wiz”), which operates the rigid polyurethane foam business, to SEKISUI CHEMICAL CO., LTD (“SEKISUI”).
Soflan Wiz is a dedicated manufacturer of rigid polyurethane foam products with a wide variety of uses such as boosting thermal insulation and preventing condensation. As a market-leading player, Toyo Tires and Soflan Wiz have built the strong positon in the domestic rigid urethane market while expanding its business globally.
Toyo Tires considered numerous options to expand the business and maximize its value. Ultimately, Toyo Tires decided to find a new partner with related expertise and a solid business base to run Soflan Wiz. Acquirer, SEKISUI was found to possess the best qualities to further grow the Company and meet its goals.
Lincoln acted as the exclusive financial advisor to Toyo Tires, working closely with management throughout the sales process by coordinating due diligence, advising on negotiations and supporting the process.
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