Aisin Seiki Co., Ltd. - Agreement to make Toyota Autoparts Philippines Inc. a subsidiary
Leading Japanese law firm Nishimura & Asahi has advised Aisin Seiki Co., Ltd. (“Aisin”) on its agreement with Toyota Motor Corporation (“Toyota”) to increase Aisin’s equity participation in Toyota’s subsidiary, Toyota Autoparts Philippines, Inc. (“TAP”), from 34 to 61 percent and to make it Aisin’s subsidiary. Under the agreement, TAP will be renamed Toyota Aisin Philippines, Inc., and Aisin will take the lead in managing the new company’s business operations.
TAP, incorporated in 1990 and based in Santa Rosa City, Laguna, Philippines, produces high-quality manual transmissions as one of Toyota’s global manual transmissions supply bases. It employs approximately 1,350 staff and enjoyed sales of approximately JPY20 billion in 2018.
Aisin, founded in 1949, is a Fortune Global 500 company which develops and produces components and systems for the automotive industry. It is 30% owned by the Toyota Group of companies.