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.

Toyota Motor (NYSE:TM) said on Tuesday that it will take a key group supplier private in a landmark $26 billion deal, signaling a major strategic shift for Japan’s largest corporation. As part of the transaction,

Shares of Toyota Industries fell more than 12% on Wednesday, after a $33 billion take-private offer for the forklift operator from parent Toyota Motor fell short of investor expectations.

Toyota Industries Corp. said its board will evaluate a buyout proposal Tuesday that will take the company private, a move that will strengthen the founding family’s grip over Japan’s biggest business empire.

Toyota Industries is set to decide Tuesday whether to accept a potential $42 billion buyout offer from Toyota Motor and other group affiliates, following reports suggesting the industrial firm may go private.