TOYOTA AMALGAMATION:WORLD'S BIGGEST IS GETTING BIGGER

While full details are yet to be finalised, TMC's forklift operation will become part of TAL. All products covered by the agreement will continue to use the Toyota brand name.

Since entering the forklift market in 1956, TMC has focused on sales and marketing, while TAL has specialised in development and production.

To further sharpen and consolidate their logistics and forklift operations, the two companies "recognised the need, from a global perspective, to create an environment that would allow faster decision-making and more flexible management", a statement said.

Merger talks will involve details of the transfer of forklift division assets, including goodwill, investments in domestic and foreign companies, and real estate.