TOYOTA MOTOR CORPORATION (TMC), DAIHATSU MOTOR
CO., LTD. (Daihatsu) and FUJI HEAVY INDUSTRIES LTD. (FHI) announced
today that they have agreed to expand their cooperative ties with new
arrangements related to research and development and product supply.
Specifically, the three companies—aiming to strengthen their
competitiveness by achieving mutual synergies through the apt
application of each company's technological know-how—decided that:
| |
1) |
TMC and FHI are to jointly develop a compact rear-wheel-drive sports car that will be marketed by both TMC and FHI. |
| |
2) |
TMC is to provide FHI with a compact car on an original-equipment-manufacturing (OEM) basis. |
| |
3) |
Daihatsu is to supply FHI with minivehicles and an FHI version of the Daihatsu "Coo" compact car on an OEM basis. |
The compact rear-wheel sports car to be jointly developed by TMC and
FHI is envisioned to offer a new "fun to drive" experience based on an
all-new vehicle platform powered by an FHI core-technology
horizontally-opposed engine. Market introduction is targeted for the
end of 2011. Production is to take place at a new plant to be built at
FHI's Gunma Manufacturing Division in Japan's Gunma Prefecture. TMC
will consign production to FHI.
The compact car that TMC is to provide FHI on an OEM basis is aimed at
letting FHI supplement its product lineup, with supply expected to
start around the end of 2010.
The OEM supply of minivehicles for the Japanese market to FHI by
Daihatsu is expected to allow FHI to focus its R&D and production
resources on its main products. Such supply is planned to start in the
second half of 2009. This arrangement is also expected to enable
Daihatsu to improve its business efficiency, such as through increasing
its cost competitiveness due to increased production volume.
Also, so that FHI can further enhance its product lineup, from this
October, Daihatsu is to supply FHI on an OEM basis 6,000 units annually
of its "Coo" compact vehicle produced at Daihatsu's Head (Ikeda) Plant
in Osaka Prefecture.
Today's announcement is the latest development in a business
relationship that was established in October 2005 and in which TMC and
FHI have applied their mutual management resources in R&D and
production. This relationship has also already resulted in, among
others, consigned production at Subaru of Indiana Automotive,
Inc.—FHI's North American production base in the United States—and OEM
production by Daihatsu of an FHI compact car for the European market.
To further promote smooth business relations, TMC and FHI—while
maintaining the management style and corporate identity of FHI—have
reached a basic agreement on the transfer to TMC of 61 million FHI
shares owned by FHI, pending approval by Japan's Fair Trade
Commission. Following this transfer, TMC would own 16.5% of FHI issued
shares.
TMC, Daihatsu and FHI intend to continue conducting wide-ranging
discussions toward strengthening one another's long-term
competitiveness and carrying out comprehensive cooperation for their
growth worldwide.
Outline of transfer of FHI shares to TMC
| Transfer timing |
Following approval by Japan's Fair Trade Commission |
| Transfer method |
Disposal of treasury stock by allocation to third party |
| Number of shares involved |
61 million shares |
| Transfer value |
31.11 billion yen |
| Transfer price |
510 yen per share |
Method for calculating
transfer price |
Price
set at 10% higher than the average closing price (raised to the nearest
10 yen) for FHI shares on the Tokyo Stock Exchange from December 11,
2007 to March 10, 2008. |
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