Tokyo - DENSO Corporation announced today the establishment of a new, DENSO wholly-owned holding company functioned as a regional headquarters in China. Located in Beijing, China, DENSO (China) Investment Co., Ltd. was established in February 2003.
Currently, DENSO operates six manufacturing companies in China that manufacture automotive products for the Chinese auto industry including car air conditioners and electric components. Ownership of the six companies will be transferred to the new company by the end of March 2004.
"We hope by consolidating and strengthening all sales functions within one company, it will create a framework for sales expansion. In addition, DENSO plans to integrate administrative functions including accounting, information systems and logistical affairs to establish a more efficient business operation over the next three years." said Hiroshi Uchiyama, senior managing director of DENSO Corporation and in charge of DENSO Sales Group.
Uchiyama continued,"By 2010, China is forecasted to more than double the 3.25 million vehicle output of 2002. Such predictions also expected to see dramatic growth, possibly making China the largest car producing country in the world next to America and Japan. Our customers are already expanding their businesses in this fast growing market. DENSO recognizes the urgent need to enhance our sales and supply systems in China."
Currently, DENSO operates six manufacturing companies in People's Republic of China
DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Worldwide, the company employs 87,000 people in 31 countries, including Japan. Consolidated global sales for the fiscal year ended March 31,
2002 totaled US$18.1 billion (*1) (2,401,098 million yen or 20.7 billion Euros). DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges.
| Company Profile | |
|---|---|
| Name: | DENSO (China) Investment Co., Limited |
| Established: | February 24, 2003 |
| Location: | Chaoyang District, Beijing, People's Republic of China (about 7 kilometers from the city-center of Beijing) (founded in the current Beijing Office) |
| Capital: | US$ 30 million (248.4 million RMB or 3.6 billion yen)(*2) |
| Ownership: | 100% ownership by DENSO |
| President: | Noboru Yamada (Chief Representative of Tianjin Office) |
| Employees: | 90 projected for 2005 |
Notes
*1:Figures for the fiscal year ended March 31, 2002 include the effect of an irregular 15-month reporting period, due to 45 overseas subsidiaries and overseas affiliates changing their year ends to March 31 from December 31.
*2:Original unit is US$, and exchange rates used are 120 yen per one dollar and 14.5 yen per one RMB at the end of December 2002.