Dec. 14, 2011
Kanto Auto Works, Ltd.
Central Motor Co., Ltd.
Toyota Motor Tohoku Corporation
Toyota Motor Corporation
Central Motor Co., Ltd.
Toyota Motor Tohoku Corporation
Toyota Motor Corporation
Three Toyota Group Companies Conclude Basic Merger Agreement
Kanto Auto Works, Central Motor and Toyota Tohoku to Form Integrated Company
Kanto Auto Works, Ltd. ("Kanto Auto Works"), Central Motor Co., Ltd. ("Central Motor"), and Toyota Motor Tohoku Corporation ("Toyota Tohoku") today concluded a basic merger agreement―an important step toward the launch of an integrated company, scheduled for July 2012.
The agreement follows discussions on a proposed merger held since July and lays out the key terms, to which the three companies have fundamentally agreed. Following further discussions based on the terms, the three companies plan to sign an official merger agreement, to take effect following approval at general shareholders meetings of the three companies.
1. Key terms of the basic merger agreement
| 1) Company name | Toyota Motor East Japan, Inc. |
| 2) Representative | President Takeshi Shirane |
| 3) Location | Ohira-mura, Kurokawa-gun, Miyagi Prefecture |
| 4) Merger type | Merger through absorption, with Kanto Auto Works as the surviving company (Central Motors and Toyota Tohoku absorbed) |
| 5) Date of merger | July 1, 2012 |
| 6) Capital | 6.85 billion yen |
2. Schedule leading up to the official consolidation
| Dec. 14, 2011 | Companies conclude basic merger agreement (complete) |
| Jan. 1, 2012 | Kanto Auto Works converts to fully owned subsidiary of Toyota Motor Corporation (tentative) |
| Apr. 2012 | Merger agreement concluded (tentative) |
| Jun. 2012 | General shareholders meetings held to approve merger agreement (tentative) |
| Jul. 1, 2012 | Launch of integrated company (tentative) |
3. Goals of the Integrated Company
Firstly, the new company will seek to grow roots in the Tohoku region while continuing monozukuri (conscientious manufacturing) activities at one with the region and aiming to be a good corporate citizen.
Secondly, the integrated company will harness strengths developed over a long period by the three companies, including their skilled workers and innovative technologies, to create attractive compact vehicles and thus improve production of compact vehicles. The company will also share technologies and skills with Toyota production bases outside Japan, and through participating in the planning of global compact-vehicle production, contribute to the global development of the Toyota group of companies.
To supply globally competitive compact vehicles, the company will work to achieve the following three core objectives.
Firstly, the new company will seek to grow roots in the Tohoku region while continuing monozukuri (conscientious manufacturing) activities at one with the region and aiming to be a good corporate citizen.
Secondly, the integrated company will harness strengths developed over a long period by the three companies, including their skilled workers and innovative technologies, to create attractive compact vehicles and thus improve production of compact vehicles. The company will also share technologies and skills with Toyota production bases outside Japan, and through participating in the planning of global compact-vehicle production, contribute to the global development of the Toyota group of companies.
To supply globally competitive compact vehicles, the company will work to achieve the following three core objectives.
1) Build production infrastructure for compact vehicles
2) Monozukuri at one with the Region
3) Medium- to long-term human resources development
|
2) Monozukuri at one with the Region
|
3) Medium- to long-term human resources development
| Establish a training center in April 2013 to contribute to the revitalization of the local economy over the medium-to-long term through development of human resources in manufacturing (accept trainees from local industry) |
