Toyota will buy a car interior-making operation from Takashimaya Co., Japan’s largest department store operator, which is selling non-core assets, for 1.7 billion yen, Bloomberg News reported.
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According to the news agency, Takashimaya said it will sell its entire 54.16% stake in Takashimaya Nippatsu Kogyo Co. to Toyota on May 30.
Bloomberg News noted that Toyota already owns 24.22% of the 1850-employee car seat and ceiling company which had sales of 89.6 billion yen ($US762 million) in the year ended March 2002 and earned 652 million yen.
