Shareholders of Toyota Auto Body Co. agreed at a special meeting Tuesday to let the company become a fully owned subsidiary of Toyota Motor Corp. starting Jan. 1, resulting in the delisting of the firm on Dec. 28.
Toyota Auto Body has built vans and minivans on behalf of Toyota but will take part in its parent firm's project planning after the buyout. The closer collaboration within the automaker group is expected to enhance its competitive edge in the global marketplace.
Toyota Auto Body will continue under its current name, but at the shareholder meeting President Takuji Amioka didn't rule out a name change in the future. Through the buyout, each share of Toyota Auto Body will be swapped for 0.45 Toyota share.