Aisin Seiki Buys Toyota Autoparts Philippines

Toyota Motor Corporation and Aisin Seiki Co., Ltd. have come to an agreement that increases the latter's equity participation in Toyota Autoparts Philipines, Inc. (TAP).

The newly forged deal intends to raise Aisin's equity from the current 34 percent to 61 percent. With the deal, Toyota hopes to strengthen its competitiveness in the design and manufacture of manual transmissions.

The deal also gives Aisin the authority to take the lead in TAP's business operations, which will be renamed Toyota Aisin Philippines, Inc.

The company has a manufacturing plant in Laguna, where five- and six-speed manual transmissions are produced for the Toyota Fortuner SUV, Toyota Innova MPV, and Toyota Hilux pickup. Toyota markets these vehicle models within the ASEAN region. The Laguna plant is also where the velocity joints for the Toyota Corolla Altis and Toyota Vios are made.