P.M. BRIEFING : Sears in Japan Car Service Pact

Japan’s Saison Group announced today that it has reached agreement with Sears, Roebuck and Co. to establish a joint auto servicing company in Tokyo.

Officials at the giant Japanese business group that operates major department stores, hotels, restaurants and supermarkets as well as consumer finance and life insurance companies, among others, said the new company, to be called Tire Plus Co., will open for business in March.

Capitalized at 125 million yen, it will be equally owned by Saison and Chicago-based Sears, which have already been running joint life insurance and other companies in Japan.

Saison officials said their company and Sears decided on the new joint project in light of apparently strong demand in Japan for auto maintenance services from the ever-growing motoring public.