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Japan to take over Toyota SA

2008-08-05 14:13
Toyota

Toyota was to gain full ownership of its South African subsidiary by late August, the Japanese company said on Tuesday.

Toyota reached an agreement with its joint venture partner Wesco Investments to acquire the remaining 25% share in Toyota South Africa, worth about $276.3m.

By making the South African unit a wholly owned subsidiary, Toyota plans to boost local production, sales and exports, Japan's top carmaker said.

Toyota South Africa sold 153 000 units last year.

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