22 February 2013 22:38 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Japan’s Toyoda Gosei said on Friday it is establishing a new subsidiary company in Brazil for the production and sales of rubber and plastic automobile components.
The new company, known as GDBR, will be based in the town of Itapetininga in Sao Paulo state and will supply products for automotive sealing, safety systems, interiors and exteriors, Toyoda said.
GDBR will be 94.8% owned by Toyoda Gosei and will require an investment of Brazilian reais (R) 90m ($46m, €35m).
The company will be formally launched in March, with production at the plant scheduled to begin in November 2014, Toyoda said.
Sales are expected to hit R60m by 2017, Toyoda said, adding the plant will eventually employ about 140 people.
The Kiyosu-based company said the facility will meet rising demand and expanded automobile production in South America.
The venture will be Toyoda Gosei's first in South America, the company said.
($1 = €0.76; $1 = R1.97)
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