February 3, 2026 9:35 AM, EST
Toyota Industries Corp., the group company at the center of a contentious buyout, said profit grew even as the impact of U.S. tariffs on Japanese carmakers started to flow through to their suppliers.
Third-quarter operating income was 48.5 billion yen ($312 million), the company said Feb. 3. It kept in place its 100 billion-yen guidance for the fiscal year ending March 31, below analyst estimates of ¥170 billion.
This could be Toyota Industries’ last fiscal year as a publicly listed company as it is the subject of a take-private proposal from the Toyota group. The deal faces strong opposition from U.S. Elliott Investment Management, which said it will not tender its 6.7% stake in Toyota Industries, and urged other shareholders to resist the proposal.
The U.S. activist fund said Toyota Industries is worth at least 26,000 yen a share — considerably higher than the group’s revised offer of 18,800 yen per share. In its latest statement, released earlier Feb. 3, Elliott said the latest offer still “very significantly undervalues” the company, which makes textile looms and forklifts.
Toyota Industries was trading at 19,320 in Tokyo on Feb. 3.
The tender period runs until Feb. 12, after which, if successful, Toyota Industries would fall under the control an unlisted real estate firm called Toyota Fudosan Co., which is chaired by Akio Toyoda, who also leads the board of Toyota Motor Corp. and is the grandson of the carmaker’s founder.
