JTEKT Corporation (TSE:6473) entered into a basic agreement to acquire YUTAKA SEIMITSU KOGYO, LTD. from Toyota Motor Corporation (TSE:7203) on July 10, 2019. JTEKT Corporation signed a contract to acquire YUTAKA SEIMITSU KOGYO, LTD. from Toyota Motor Corporation for ¥10 billion on December 4, 2019. As reported, JTEKT Corporation will acquire 2.2 million YUTAKA SEIMITSU KOGYO shares. Once the transfer is complete, all Yutaka Seimitsu operations, such as those related to drive components (namely components that relay motive power from the engine through the transmission to the wheels), gear manufacturing, and gear processing machinery, will be transferred from Toyota to JTEKT. For the fiscal year ending March 2019, YUTAKA SEIMITSU KOGYO, LTD reported net assets of ¥12 billion, total assets of ¥23.3 billion, sales of ¥47.2 billion, operating income of ¥295 million and net income of ¥76 million. The transaction was resolved by Board of JTEKT Corporation on December 4, 2019. The planned share transfer execution date is January 1, 2020. The impact of the acquisition on the JTEKT Corporation's consolidated earnings forecasts is minor. Advisory fees is estimated at ¥45 million.

JTEKT Corporation (TSE:6473) cancelled the acquisition of YUTAKA SEIMITSU KOGYO, LTD. from Toyota Motor Corporation (TSE:7203) on June 5, 2020.