Toyota Australia has sold its forklift and industrial equipment business to Toyota Industries Corp (TICO), an associate company of Toyota Motor Corp. The sale price has not been released.

While initial details were sketchy, Forkliftaction.com News has learned that a new company, Toyota Industries Corp Australia Pty Ltd (TICA), has been established to distribute and sell TICO equipment.

The acquisition is part of TICO's global strategy of consolidating industrial equipment distribution and working more closely with customers. Current Toyota Australia employees will form part of the new business.

Toyota Australia president Ken Asano said: "The new company provides an exciting platform for future growth. It combines the global strength of TICO with the market reach of Toyota in Australia."

TICA will distribute and sell Toyota forklifts, tow tractors and skid-steers. Initially the company will be located with Toyota Australia in Woolooware Bay, New South Wales.

Forkliftaction.com understands that a major Australian Toyota forklift dealer has been acquired by Toyota Australia. The acquisition could not be confirmed before publication, see next weeks news for details.