Toyota Industries Corp will establish a forklift sales subsidiary, Toyota Industries Mercosur (TIM), in Sao Paulo, Brazil, this month.

The new company, which starts trading in April, would have JPY1 billion (USD9.3 million) in paid-up capital, and would sell forklifts in Brazil and Argentina, a Japanese News Digest report said.

Until now, Toyota had sold forklifts in the two countries through South American subsidiaries of the carmaker Toyota Motor Corp. Toyota expects to sell 800 forklifts in Brazil and Argentina this year, up from 530 last year.