Toyota Industries (TICO) is planning to invest $55.9m (JPY 4.6bn) to build a new lift truck manufacturing plant Sao Paulo, Brazil.
The new facility, which is expected to start operations by 2013, will be the manufacturing division of the company's existing sales facility, Mercosur Industria e Comercio de Equipamentos (TMHM).
It is expected to replace the company's imports from US with local production and increase sales in the Brazil market.
TICO is planning to manufacture 5,000 fork lift units per year at the new plant in fiscal 2014, ending March 2015, increasing its sales to 7,000 units from the current 4,000 in the country.
The company said that the new plant will reduce the time to deliver the received orders to about one month from the current three-to-five months.
