Toyota, Siam sign deal

Toyota, Siam sign deal

BANGKOK (AP): Group companies led by Japan's Toyota Motor Corp. and Siam Cement, Thailand's largest industrial conglomerate, signed an agreement Wednesday governing three joint-venture automobile parts makers in Thailand.

The ventures produce parts for leading Asian automotive and component manufacturers and for producers of motorcycles, agricultural machinery and air-conditioning compressors.

Siam Cement is spinning off non-core operations and increasing the role of strategic partners in key sectors to streamline operations and reduce debt.

Siam Cement said in a statement that under a group restructuring, it has sold off portions of its stakes in the three firms to make the Toyota group a majority holder with up to 60 percent in each.

The firms are Siam AT Industry Co. Ltd., The Nawaloha Industry Co. Ltd., and Thai Engineering Products Co. Ltd.