Toyota Boshoku, which is constructing a facility off West Sanderfer Road in Athens, announced Tuesday it had merged with another company as part of a joint venture.

In a press release issued by the company, the company announced its new name would be Toyota Boshoku AKI USA LLC. Toyota Boshoku is teaming up with AKI USA, which is a joint venture between Delta Kogyo and Toyo Seat.

“The new company seeks to achieve increased competitiveness in seat manufacturing by efficiently utilizing the production know-how and resources of (the companies),” the press release said.

The company’s president will be Shinichi Yamaguchi, president of Toyota Boshoku America. Vice president will be Koji Wakida, current staff manager of Delta Kogyo and Alabama project leader.

The release said the venture would produce seats for the $1.6 billion Mazda Toyota Manufacturing U.S.A. facility under construction in Limestone County. The plant is scheduled to begin producing vehicles in spring 2021.

The $55 million plant is being built on the site of the former Jimmy Gill Park and will employ up to 414 workers. The project was the recipient of local and state incentives, including a 10-year abatement of property tax and sales taxes on items related to construction.

The state also contributed incentives to the project, including a jobs credit valued at $6.19 million over 10 years and an investment credit valued at $8.38 million over 10 years. The plant will also benefit from service and support from Alabama Industrial Development Training, which recruits and trains employees for manufacturing positions. Those services are valued at $2.3 million.

The state projects Toyota Boshoku will have a 400 percent return on investment over 20 years, including $475.8 million in new payroll over 20 years (a combination of construction and permanent jobs). It also projects $74.4 million in new state revenue over 20 years.