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More Beggars at Toyota's Doorstep.
(From Journal of Japanese Trade & Industry (JJTI))
Companies turn to Toyota when they are in trouble. This is what is happening lately to cash-rich Toyota Motor Corp., the top Japanese carmaker that boasts more than \1 trillion in group pretax profit.
Struggling trading house Tomen Corp. turned to Toyota for money through the trading company Toyota Tsusho Corp., and last December, the Toyota group agreed to inject \10 billion in capital into Tomen following a series of tough negotiations. Debt-saddled UFJ Bank has also asked Toyota for money to recapitalize itself, while Toyota has agreed that one of its former executives will become a deputy president of the Postal Services Corp. that will be set up this spring.
But these moves do not have much to do with Toyota's mainline auto business, and the basis for its coming to their rescue seems to be weak. Commenting on this, a senior Toyota official said, "Everybody is coming to us for help, and so is the government."
Many industry analysts say that Toyota is normally willing to offer several tens of billions of yen if it benefits itself. But if not, Toyota is cold. "Toyota is a very severe ...
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