(Reuters) - Japanese machinery maker Toyota Industries Corp (6201.T) plans to invest about 300 billion yen ($3.18 billion) over the next three years as it looks to make itself more competitive, the Nikkei said.
The company will make the investments through fiscal 2015, its new President Akira Onishi told the Japanese daily.
Toyota Industries will expand its overseas output of car air-conditioner parts and other products, as well acquire businesses, the Nikkei reported. (link.reuters.com/tef88t)
The company acquired the U.S.-based lift truck parts maker Cascade Corp in October 2012 to boost its global customer base.
Toyota Industries’ automobile division was spun off in 1937 to form Toyota Motor Corp (7203.T). ($1 = 94.2250 Japanese yen)
Reporting By Maria Ajit Thomas in Bangalore; Editing by Sriraj Kalluvila