Toyoda Automatic Loom Works Ltd. said Tuesday that it has acquired a controlling 94.2 percent stake in a Swedish forklift maker.
Toyoda bought 25.1 percent of the previously issued shares of BT Industries AB from major stockholders earlier this year. Toyoda's takeover bid last month paved the way for it to acquire an additional 69.1 percent stake -- 19.35 million shares -- for 63.8 billion yen.
Toyoda will attempt to buy more shares by June 14, hoping to wholly own BT Industries, a spokesman said.
After receiving the go-ahead from European Union antimonopoly authorities and other concerned parties, Toyoda, a Toyota Motor Corp. group firm, is expected to make BT Industries a subsidiary, hopefully by the end of the month.
At a time when competition is heating up in the forklift market with the realignment of U.S. and European companies, Toyoda said it intends to expand its product variety by buying BT Industries.
Toyoda holds an 18 percent share in the world counterbalance-lift truck market, while BT Industries has a 20 percent share in the world warehouse-forklift market.