Yokohama Rubber Co., the nation's second-largest tire maker, said Friday that it will set up a joint company in China in January to make and sell car tires.
Yokohama Rubber said it has already obtained approval from the Chinese government to establish the joint company, tentatively called Hangzhou Yokohama Tire Co., in Hangzhou, Chekiang Province.
The new company will have an initial capital of $12 million.