OREANDA-NEWS. Toyota Industries Corporation ("TICO") is establishing Toyota Industries Global Commercial Finance, Inc. (tentatively named, "TIGCF"), a wholly-owned subsidiary that will function as a global sales finance management company headquartered in the U.S., with the goal of strengthening TICO's industrial vehicle operations and globally expanding its sales finance operations for materials handling equipment.

At the same time, TICO is establishing Toyota Industries Commercial Finance, Inc. (tentatively named, "TICF"), as a new wholly owned U.S. sales finance subsidiary of TIGCF , and has reached an agreement with Toyota Motor Credit Corporation (TMCC), a U.S. finance subsidiary of Toyota Motor Corporation, to acquire substantially all assets relating to TMCC's commercial finance business.

The establishment of TIGCF and TICF has been approved by TICO's board of directors and the acquisition of substantially all assets relating to TMCC's commercial finance business has been approved by the boards of directors of both TICO and TMCC.

Note that before TICF can acquire TMCC's Commercial Finance Division and commence operations, various prerequisites must be satisfied, including acquisition of licenses from the appropriate U.S. authorities (states).