Aisin's venture in RI

Aisin's venture in RI

NAGOYA (Kyodo): Aisin Takaoka Co. said yesterday it has formed a joint venture company in Indonesia to produce mainly brake drums and other casting parts for automobiles.

The joint company, located in Kawaran, east of Jakarta, will begin production in July, with sales targeted to reach 2.44 billion yen in four years, the casting auto parts maker said.

The products will be supplied to local plants of Toyota Motor Corp. and other Japanese automakers.

The new company is capitalized at Rp 55.5 billion (about 2.22 billion yen), with Aisin Takaoka holding a 52 percent stake. The remainder is owned 40 percent by PT Astra International of Indonesia and 4 percent each by Aisin Seiki Co. and Toyota Tsusho Corp.

Aisin Takaoka, Aisin Seiki and Toyota Tsusho belong to the Toyota group.