TOKYO—Toyoda Gosei Co. is acquiring 100 percent of Pecval Industria Co., a Brazilian manufacturer of automotive interior and exterior parts.
The transaction, said the Tokyo-based automotive supplier, will be completed by end of the year and is aimed at consolidating Toyoda Gosei's business foundation in Brazil's "promising market."
Currently, Pecval is jointly owned by Toyoda Gosei and another Japanese company, Shimizu Industry Co. Ltd. The two companies have agreed that Toyoda Gosei will acquire full equity interest from Shimizu.
Toyoda Gosei has two business locations in Brazil, Pecval and GDBR Industria e Comercio de Componentes Quimicos e de Borracha Ltda., which supply interior and exterior parts, safety systems, and weatherstrips to automakers.
"Making Pecval a full subsidiary will strengthen Toyoda Gosei's supply system for interior and exterior parts to better meet the purchasing needs of customers," the company said Aug. 25.
Located in Indaiatuba, Sao Paulo, Pecval has a production area of almost 123,000 square feet and employs just under 200 people. The plant produces automotive interior and exterior parts, including instrument panel components and radiator grilles.