Houlihan Lokey Advises Toyoda Gosei

Houlihan Lokey is pleased to announce that Toyoda Gosei Co., Ltd. (Toyoda Gosei) has completed the tender offer to acquire all shares of Ashimori Industry Co., Ltd. (Ashimori Industry). Following the settlement on November 6, 2025, Toyoda Gosei plans to complete the squeeze-out procedures to integrate Ashimori Industry fully. The total transaction value will be approximately $116.1 million (¥17.9 billion).

Headquartered in Aichi, Japan, Toyoda Gosei is a listed Toyota Group automotive supplier of safety systems such as airbags and steering wheels, weatherstrips, interior and exterior parts, and functional components with around $2.8 billion in market capitalization as of August 7, 2025, and $6.9 billion in annual revenue in FY2024.

Ashimori Industry is a listed automotive safety systems supplier headquartered in Osaka, Japan, that mainly manufactures airbags and seatbelts for automotive applications and engages in functional components businesses, such as a trenchless technique for rehabilitating buried pipelines, with around $110.9 million in market capitalization as of August 7, 2025, and $471.1 million in annual revenue in FY2024.

Through this transaction, Toyoda Gosei aims to maximize the effects of integration in the safety systems business by accelerating the speed of airbag development, fully unifying development strategies for seatbelts, and promptly implementing a comprehensive approach to safety systems under development goals shared by both companies. At the same time, Toyoda Gosei intends to position Ashimori Industry’s functional components business as an important pillar of Toyoda Gosei’s new businesses, providing both social value and economic value in the form of peace of mind, safety, and comfort. Toyoda Gosei aims to support Ashimori Industry’s business growth by providing comprehensive support in improving production efficiency and in regard to management resources.

Houlihan Lokey acted as the exclusive financial advisor to Toyoda Gosei, providing full-scope advisory services throughout the transaction. This transaction highlights Houlihan Lokey’s deep expertise and proven execution capabilities in Japan’s automotive and industrial sectors.

RELATED: Automotive, Truck, and Automotive Technologies, Mergers & Acquisitions