Loan for Materials Handling Equipment Sales Finance Business of Toyota Industries’ Swedish Subsidiary in Europe
Supporting Overseas Business Expansion of Japanese Materials Handling Equipment Industry
- Region: Europe
- Manufacturing and Services
- Overseas Investment Loans
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on June 29 a loan agreement amounting to up to USD108 million (JBIC portion) with Toyota Industries Finance International AB (TIFI), a Swedish subsidiary of Toyota Industries Corporation (Toyota Industries). The loan is co-financed with private financial institutions, bringing the total co-financing amount to USD180 million.
This loan is intended to partially provide, through TIFI, Toyota Industries’ subsidiaries in some regions including Europe with the funds required to conduct sales finance business for materials handling equipment sold under the Toyota brand and others. The loan follows a similar loan made to TIFI in February 2021*1
The materials handling equipment market in these regions including Europe continues to expand and remains an important market for Toyota Industries, which maintains a strong presence in the regions. As sales finance is often used when purchasing materials handling equipment in the regions, the sales finance business has become an important strategy for manufacturers to promote their sales. This loan will provide financial support for the overseas business expansion of Toyota Industries through funding materials handling equipment sales finance business, thereby serving to maintain and improve the international competitiveness of the Japanese materials handling equipment industry.
As Japan’s policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the overseas expansion of their businesses by drawing on its various financial facilities and schemes and performing its risk-assuming function.