Toyota and Aisin have agreed to increase Aisin’s equity participation in Toyota Autoparts Philippines (TAP) from the current 34% to 61% and to make it Aisin’s subsidiary. The arrangement aims to strengthen TAP’s competitiveness in the manual transmission business.
As part of the agreement TAP will be renamed Toyota Aisin Philippines, and Aisin will take the lead in managing the new company’s business operations. Following the organizational change, TAP will seek more efficient production – leveraging its expertise, knowledge, leading technological capabilities and diverse line-up of transmissions.
In the future, Aisin will consolidate part of their manual transmission production currently handled by Aisin AI, to TAP, and invest approximately US$22.5m to set up automatic transmission component production lines.
Toyota and Aisin will further strengthen their collaboration through the optimization of the powertrain production system and new product development. The Aisin Group, as a whole, aims to improve its competitiveness in the powertrain business.
