Kariya, Feb 25, 2009 - (JCN Newswire) - In an effort to realize a more comprehensive air conditioning (A/C) business operation, DENSO Corporation will consolidate DENSO Airs Corporation, a group company that produces car A/C pipes, and GAC Corporation's A/C hose business in July 2009.
The new company DENSO Air Systems Corporation (tentative name), located in Aichi, Japan, will have a capital of 490.8 million yen (approximately US$5.5 million*) and is expected to have annual sales of approximately 28 billion yen (approximately US$312.7 million*) in the fiscal year ending March 2013.
"Refrigerant hoses and pipes for car air conditioners have much in common in terms of machining technology and production process," said Akio Shikamura, managing officer responsible for DENSO's Thermal Systems Business Group. "We aim to enhance our competitiveness by consolidating development and production previously conducted at both companies and deploying a more comprehensive business operation."
DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Its customers include all the world's major carmakers. Worldwide, the company employs approximately 119,000 people in 32 countries and regions, including Japan.
Consolidated global sales for the fiscal year ended March 31, 2008 totaled US$40.2 billion. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com
Profile of new company
1. Name: DENSO Airs Systems Corporation (tentative name)
2. Location: 1-5, Miyukihama-ichigochi, Mito, Toyokawa, Aichi, Japan
3. President: To be determined
4. Establishment: July 2009
5. Capital: 490.8 million yen (approximately US$5.5 million*)
6. Ownership: 100 percent owned by DENSO Corporation
7. Sales: Approximately 28 billion yen (approximately US$312.7 million* as of the fiscal year ending March 2013)
8. Employees: Approximately 950 (as of July 2009)
9. Business description: Production of hoses and pipes for car air conditioning systems
Profile of GAC Corporation
1. Name: GAC Corporation
2. Location: 1000, Toyoshina, Azumino, Nagano, Japan
3. President: Akitoshi Sugiura
4. Establishment: July 1966
5. Capital: 800 million yen (approximately US$8.9 million*)
6. Ownership: 57.5 percent owned by DENSO Corporation and 42.5 percent by Toyota Motor Corporation
7. Sales: 32.6 billion yen (approximately US$364 million* as of the fiscal year ended March 2008)
8. Employees: 921 (as of the end of January 2009)
9. Business description: Production and sale of car and industrial air conditioning
systems Development and production of equipment for food storage
Profile of DENSO Airs Corporation
1. Name: DENSO Airs Corporation
2. Location: 89-8, Houden, Nodera, Anjo, Aichi, Japan
3. President: Koji Watanabe
4. Establishment: November 1971
5. Capital: 490.8 million yen (approximately US$5.5 million*)
6. Ownership: 62.5 percent owned by DENSO Corporation, 27.5 percent by Koyo Materica Co., Ltd., and 10 percent by Sumitomo Light Metal Industries, Ltd.
7. Sales: 17.8 billion yen (approximately US$198.8 million* as of the fiscal year ended March 2008)
8. Employees: 618 (as of the end of January 2009)
9. Business description: Production and sales of pipes for car air conditioning systems
*Exchange rates used are 89.55 yen per one dollar, at the end of January 2009 for
convenience only. Billion is used in the American sense of one thousand million.
About Denso
DENSO Corporation (TSE: 6902), headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Its customers include all the world's major carmakers. Worldwide, the company employs approximately 120,000 people in 33 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2009 totaled US$32.0 billion. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com.
Contact:
Miwa Kurokawa
Goro Kanemasu
DENSO CORPORATION
Phone: 81-566-25-5594
Fax: 81-566-25-4509
miwa_kurokawa@denso.co.jp
goro_kanemasu@denso.co.jp
Feb 25, 2009
Source: Denso
Denso (TSE: 6902) (U.S: DNZOY)
From the Japan Corporate News Network
http://www.japancorp.net
Topic: Press release summary
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