Japan's Takashimaya To Sell Auto Seat Unit To Toyota

Thursday 4:23 am ET

TOKYO May 22, 2003; Kazuhiro Shimamura wrtinbg for Dow Jones reported that Takashimaya Co. said Thursday it will sell its stake in its auto seat-making unit Takashimaya Nippatsu Kogyo Co. to Toyota Motor Corp.

The department store operator will sell its 54.16% stake in the subsidiary by the end of this month and book a sales gain of Y1.7 billion on a group earnings basis.

The decision is part of Takashimaya's strategy to focus on core retail operations. Toyota already has a 24.22% stake in Takashimaya Nippatsu.