Toyota Industries will invest JPY300 billion (USD3.2 billion) to boost its position domestically and internationally over the next three years.

The company's new president, Akira Onishi, told Nikkei financial daily that mergers and acquisitions that will strengthen Toyota Industries will be considered.

In March, the company bought US forklift parts maker Cascade Corp for USD759 million. The company is investing about JPY6.3 billion (USD66.1 million) to set up a new automotive air-conditioning compressor manufacturing plant in Bekasi, West Java Province in Indonesia. In 2012, the company started building a new compressor plant in Georgia, USA, which is slated to start operations later this year.

Company spokesman Akira Suefuji tells Forkliftaction.com News none of the air conditioning compressors to be made at either plant will be used in forklifts.

Asked how much Toyota Industries will invest in its forklift businesses, Suefuji said the company does not announce future investment amounts of its individual businesses.