Toyoda Automatic Loom Works, Ltd. Chooses a New Company Name, TOYOTA INDUSTRIES CORPORATION
Toyoda Automatic Loom Works, Ltd. Chooses a New Company Name, TOYOTA INDUSTRIES CORPORATION Nagoya, May 15, 2001 - Toyoda Automatic Loom Works, Ltd. today announced that its board of directors will ask shareholders to adopt Toyota Industries Corporation as the company's new name at next month's annual shareholder's meeting. The company plans to drop the current name, Toyoda Automatic Loom Works, Ltd., and start using the new name on August 1, 2001, pending approval of the name change at the 123rd shareholders' meeting, to be held in Kariya on June 28, 2001. The decision reflects the recent diversification of the company's operations, which have evolved from its original textile machinery business. While Toyoda Automatic Loom Works was established some 75 years ago to produce automatic looms for textiles, in recent years the mainstay of its business has become the manufacture and sale of industrial vehicles and materials handling equipment, and of automobile engines and components. Textile machinery sales now account for a mere 4.3% of the company's consolidated sales. The name change to Toyota Industries Corporation comes at a particularly opportune time, in light of the company's recent strategic moves towards global expansion. With its acquisition of a Swedish multinational manufacturer, BT Industries AB, in June 2000, and its takeover of Toyota Motor Corporation's forklift sales division in April 2001, Toyoda Automatic Loom Works has emerged as a provider of comprehensive solutions in the field of materials handling equipment. The name change also coincides with the celebration of the 75th Anniversary of the company's founding, which will take place this November. The new name thus marks a historically significant year for the company's further growth into the new millennium. The brand recognition that the TOYOTA name provides should help the company build on its established reputation to strengthen its customer- oriented product development and services in the global marketplace. [REMOVED GRAPHICS] Contact: Toyoda Automatic Loom Works, Ltd., Public Relations at (0566) 27-5157 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/21/20010521BIT00040/bit0001.doc http://www.bit.se/bitonline/2001/05/21/20010521BIT00040/bit0001.pdf