Toyota Tsusho To Turn Sock Maker Into Subsidiary

Toyota Tsusho Corp., the sole trading firm of Toyota Group, announced that it will turn Fukusuke Corp. a major sock manufacturer into a subsidiary as part of its expansion beyond its automobile business. The trading firm currently has a 23.2% stake in Fukusuke. It plans to boost this to 75.2% at the end of the month by buying all of the Fukusuke shares held by MKS Partners, a Tokyo-based investment firm which stops new investment and focuses on selling its portfolio.