Toyota Boshoku Corp., a textile maker affiliated with Toyota Motor Corp., will set up a joint venture this month in China’s Guangdong Province to make car oil filters, the company said Wednesday.
Toyota Boshoku Foshan Co. will be capitalized at $9.6 million and will be owned 60 percent by Toyota Boshoku and 40 percent by Denso (China) Investment Co., a unit of Denso Corp., another Toyota Motor affiliate.
The Toyota group is establishing the Chinese venture to respond to the need to procure auto components locally, according to Toyota Boshoku.
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