Establishment of a global sales finance management company
and acquisition of a U.S. sales financing operation

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).



  1. Reason for acquisition
    Toward the goal of helping its customers improve their logistical efficiency, TICO has been developing, manufacturing, and selling materials handling equipment, particularly lift trucks, on a global scale, delivering advanced products and high-quality service to customers all over the world as a leading brand.

    Through the acquisition of substantially all assets of TMCC's commercial finance business, TICO hopes to build an organization that will globally promote and manage sales finance operations, capitalizing on the know-how and human resources the business has accumulated over approximately 30 years. By providing a total solution, including financial services, to its customers, TICO aims to further expand its industrial vehicle business.

  3. Overview of the new companies
  4. 1) Sales finance global management company (TIGCF)
    (1) Company name: Toyota Industries Global Commercial Finance, Inc. (tentatively named)
    (2) Establishment: November 2014 (planned)
    (3) Operation start: April, 2015 (Targeted)
    (4) Head office location: Torrance, California, U.S.A
    (5) Name of representative: Chairman: Chiaki Yamaguchi (TICO Executive Vice President)
    President: Dave Crandall (currently TMCC Vice President, scheduled to be transferred to TIGCF)
    (6) Capital: 400 million U.S. dollars
    (7) Stock ownership (100%): Toyota Industries North America, Inc. (U.S. holding company wholly owned by TICO)
    (8) Primary business: Promotion and management of sales finance operations for materials handling equipment all over the world
    2) U.S. sales finance company (TICF)
    (1) Company name: Toyota Industries Commercial Finance, Inc. (tentatively named)
    (2) Establishment: November 2014 (planned)
    (3) Operation start: April, 2015 (Targeted, subject to regulatory approval)
    (4) Head office location: Torrance, California, U.S.A
    (5) Name of representative: Chairman: Dave Crandall (TIGCF President)
    President: Norm Creveling (currently General Manager at TMCC Commercial Finance Division, scheduled to be transferred to TICF)
    (6) Capital: 400 million U.S. dollars
    (7) Stock ownership (100%): Toyota Industries Global Commercial Finance, Inc.
    (8) Primary business: Sales finance operations for the Toyota brand of materials handling and other equipments respectively in the U.S.

  5. Overview of TICF's acquisition of substantially all assets of TMCC's commercial finance business
    1) Acquisition targets: Financial assets, goodwill, etc.
    2) Acquisition value: Approximately 2 billion U.S. dollars (anticipated)
    3) Acquisition timing: April, 2015 (Targeted)

  7. Future outlook
    The impact on TICO's financial results will be minimal.

  9. Forward-Looking Statements
    This press release contains forward-looking statements regarding TICO and the new company, such as projections, goals, plans, and strategies. These forward-looking statements do not guarantee future results and are based on known or unknown risks, uncertainties, and other factors that could cause TICO or the new company's actual results, development, or financial conditions in the future to differ materially from those indicated in this release. These forward-looking statements contain the words "anticipates," "aims to,"; "plans to," "there is a possibility that," and similar expressions and in particular, statements containing such words as "projection," "goal," "plan," and "strategy." Many factors may cause future results to differ materially from those set forth in these forward-looking statements described in this press release. These factors include but are not limited to the risk that the regulatory or other conditions necessary for completing the acquisition will not be satisfied, the effect of changes in the legal system or accounting standards affecting the parties or the business environment, issues in executing business strategies, the effect of financial instability or fluctuations in general economic conditions or industry conditions, and other risks related to the completion of the acquisition. Except as explicitly required by law, neither TICO nor the new company is under any obligation to update any forward-looking statements to reflect new information, future events, or other circumstances. The forward-looking statements contained in this release are subject to these conditions.


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