The nearly century-old Japanese company that founded Toyota Motor in the 1930s plans to go private with backing from the car giant’s chairman, Akio Toyoda.

Toyota Motor will take forklift-maker Toyota Industries private in a $33 billion deal, the companies said on Tuesday, a landmark unwinding of cross-shareholding that is likely to strengthen the influence of the group's founding Toyoda family.

Toyoda's buyout plan coincides with Toyota's efforts to restore governance trust following regulatory scandals at subsidiaries.