GKN plc said on Friday that it has now completed the formation of two new joint ventures in Thailand with Toyoda Machine Works Limited of Japan, according to Dow Jones.

The report said the joint ventures will manufacture and supply drive shafts for a new vehicle for Toyota in Thailand which is due to commence production in August 2004.

The formation of these joint ventures is part of GKN’s continued strategy of developing its manufacturing capability in low cost countries and strengthening its close relationship with Toyota and TMW, the company said, according to Dow Jones.