Kariya, Japan -- Toyota Boshoku Corp. is acquiring a 20 % stake in Tokai Chemical Ltd, as part of a deal to bolster their cooperation in developing automotive interior parts.
Tokai Chemical, a subsidiary of Tokai Rubber Industries Ltd, has provided Toyota Boshoku with interior components for more than 30 years, with headrests being its main product.
The Japanese companies have collaborated for a long time on product development and quality assurance, and say this capital participation "will enable all three parties to integrate their unique technologies and strengths; Toyota Boshoku as an interior system supplier that totally develops automobile interiors, Tokai Rubber with its high damping technology and Tokai Chemical with its high technology in urethane foam moulding."
A 29 August press statement said the three companies "will develop high-value added automobile interior products and new products to aggressively explore new fields."
Toyota Boshoku, headquartered in Kariya City, Japan has 92 sites in 24 countries, and makes automotive interior components, filters and powertrain components
Tokai Rubber has its headquarters in Komaki City, and operates 47 sites in 10 countries, making automotive components including anti-vibration parts and hoses.
Tokai Chemical has two sites, in Japan and China, and makes automotive components including noise absorption components, as well as civil engineering products
PIC: Shaking hands on the deal: l-r Tokai Chemical president Akira Nakashima, Toyota Boshoku president Shuhei Toyoda and Tokai Rubber president Yoshiaki Nishimura