Aichi Steel Corp. and Koyo Seiko Co., two auto-parts makers in the Toyota Motor group, said Thursday their U.S. subsidiaries have established a joint venture in Kentucky to manufacture forged auto components.
The venture, Kentucky Advanced Forge LLC, capitalized at $7.6 million, is owned 51 percent by Aichi Steel and 49 percent by Koyo Seiko.
The venture will supply Toyota, General Motors Corp. and other automakers operating in the United States.
It will kick off production in April 2002 and projects a yearly output of 16 million units and sales of $6 million.