Japan's Aisin Seiki has taken control of Toyota AutoParts Philippines, a joint venture with its affiliated carmaker Toyota Motor that makes automotive transmissions and related parts.
Aisin Seiki paid Toyota Motor PHP1.2bn (US$23m) to increase its stake in the joint venture from 34% to 61% and will rename the company Toyota Aisin Philippines.
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The company has a factory in Laguna province, just south of the capital city Manila, which produces five- and six-speed manual gearboxes for the Toyota Fortuner, Innova and Hilux models produced in the ASEAN region. It also manufactures constant velocity joints for the Toyota Corolla and Vios passenger cars made there.
Around 95% of the plant's output is exported to Toyota vehicle assembly plants in the Asia Pacific region.
Following the acquisition, Aisin Seiki plans to consolidate manual transmission production at Laguna to help improve its competitiveness.
It will also invest in new automatic transmission component production lines at the plant, according to local reports.
