Tokai Rubber Industries Ltd. (TSE:5191) reached an agreement in principle to acquire an additional 16.6% stake in Inoac Tokai (Thailand) Co., Ltd. from INOAC Corporation on March 21, 2013. The transaction is expected to be in the billions of yen. On completion, Inoac Tokai (Thailand) Co., Ltd. will become a consolidated subsidiary of Tokai Rubber Industries Ltd. Inoac Tokai (Thailand) Co., Ltd. had sales of ¥7.1 billion for the fiscal year ended December 2012.

The transaction is expected to complete by the end of March 2013.