Yokohama closing Israel manufacturing plant

Yokohama Rubber Company has announced plans to close its manufacturing plant in Hadera, Israel, by the end of 2024.

According to Yokohama, “the closure is part of a strategic restructuring to address evolving market conditions and align its global manufacturing footprint with sustainability and profitability goals”.

The Hadera plant was first opened in 1950 by Israeli and US investors, and was acquired by Yokohama in 2016 as part of a $1.2 billion deal to purchase Alliance Tire Group (ATG).

The plant specialises in producing tyres for agriculture, forestry, construction, and industrial applications. Around 500 jobs are expected to be lost.