Itochu Corp. announced on July 20 that it has acquired a majority of the shares of Toyo Advanced Technologies Co. owned by Mazda Motor Corp. and will utilize its overseas network to expand the sales of Toyo's machine tool business.
The number of shares is 6.8 million, about 70 percent of Toyo's total. Acquisition price is 21 billion yen ($267.3 million). Mazda will retain 30 percent of Toyo's shares.
Itochu said in the automobile components business, the acquisition will allow it to provide products with even greater added value and will further deepen the collaborative relationship between it and Mazda as an important components supplier to Mazda.
In addition to these activities, Itochu said it will be fully involved in the management of Toyo, including the dispatch of full-time directors, with the aim of further increasing the corporate value of the company.
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