Japanese law firm Nishimura & Asahi advised Aisin Seiki on its agreement with Toyota Motor Corporation to increase Aisin’s equity participation in Toyota’s subsidiary, Toyota Autoparts Philippines (TAP), from 34% to 61% and make it Aisin’s subsidiary.
Under the agreement, TAP will be renamed Toyota Aisin Philippines, and Aisin will take the lead in managing the new company’s business operations.
TAP, incorporated in 1990 and based in Santa Rosa City in Laguna province, produces high-quality manual transmissions as one of Toyota’s global manual transmissions supply bases. It employs approximately 1,350 staff and enjoyed sales of approximately ¥20 billion (US$181 million) so far this year.
Aisin, founded in 1949, is a Fortune Global 500 company which develops and produces components and systems for the auto industry. It is 30% owned by the Toyota Group of companies. The Nishimura & Asahi team advising Aisin was led by partners Kozo Kawai and Yuki Oi.