Toyota Motor Corporation (TMC) announced that it has reached an agreement with its joint venture partner in South Africa, Wesco Investments Ltd (Wesco), under which its local affiliate, Toyota South Africa (Pty) Ltd. (TSA), will become a wholly owned TMC subsidiary.  Under the agreement, TMC is to acquire Wesco's 25% share in TSA in late August 2008.

By making TSA a wholly owned subsidiary, TMC will put in place a structure better allowing it to strongly drive forward its South African production, sales, and export activities, as TSA is a holding company for Toyota South Africa Motors (Pty) Ltd. (TSAM), the local entity responsible for TMC's South African production and sales.