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Toyoda Gosei to increase airbag parts production

Released at: 09:15, 18/11/2019

Toyoda Gosei to increase airbag parts production

Photo: Toyoda Gosei

Japanese company to expand production capacity at Thai Binh facility.

by Phi Linh

The Toyoda Gosei Co. will increase production capacity at the Toyoda Gosei Haiphong Co. (TGHP), a production subsidiary making airbag parts, to meet growing demand globally.

Toyoda Gosei announced the increase on November 13 in Kiyosu, Japan. Investment will be about $16.8 million.

A new building will be constructed at the company’s Thai Binh plant at the Tien Hai Industrial Park in northern Thai Binh province.

Annual production in Vietnam of bags that inflate upon impact will rise to 2,500 by 2023; about 1.5 times the level in FY2018.

Construction of the new building and expanded production at the plant will begin in May 2020 and October 2021, respectively.

Airbags and other safety system products are a key business in Toyoda Gosei’s 2025 business plan, and by 2023 the company plans to increase global airbag production to 100 million units annually; approximately 1.6 times the level in FY2018.

Toyoda Gosei Haiphong Co. was established in September 2004, with registered capital of $67.5 million. It is co-owned by Toyoda Gosei Co., with 95 per cent, and the Toyota Tsusho Corp., with 5 per cent.

Established in 1949, Toyoda Gosei is one of the leading manufacturers of automobile components and parts globally. It has 67 facilities and factories in 17 countries and territories around the world.

According to its medium-term business plan to 2025, Toyoda Gosei will focus on producing safety equipment for motor cars, in which total airbag capacity will reach 100 million units by 2023, an increase of 1.6-fold over 2018. It aims to be in the top 3 in the world’s airbag market by 2025, with revenue targeted at $9.18 billion.

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