BackToyota to liquidate joint venture with GM
Toyota to liquidate joint venture with GM
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Tokyo: Japan’s Toyota Motor said Thursday it plans to liquidate its joint venture with General Motors in the US state of California by the end of August.
GM said last month it would drop its ownership stake in the 25-year-old joint venture, New United Motor Manufacturing Inc. (NUMMI), as it restructures its operations under bankruptcy protection.
“We will negotiate with MLC (Motors Liquidation Company) on our intention to withdraw from NUMMI," Toyota spokeswoman Ririko Takeuchi said. MLC is the new name of GM.
“We would like to reach a conclusion by the end of August, depending on the course of negotiations," she added.
Toyota is expected to talk with MLC and its unions on the timing of the firm’s closure and treatment of its workers, the business daily Nikkei said.
The plant produces cars such as the Corolla compact car and the Tacoma pick-up truck.
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