Mazda Sales Majority Stake in Parts Unit

Mazda Motor Corp. has sold a 70% equity stake in its Toyo Advanced Technologies Co. subsidiary to Japanese trading house Itochu Corp. for 21 billion yen ($266 million).

Mazda predicts it will book a one-time gain of about 9.6 billion yen ($122 million) in its consolidated statements for the current fiscal year for the sale of the Hiroshima-based maker of machine tools and auto components.

Itochu says it plans to use its overseas network to boost Toyo's machine-tool business.