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ITOCHU to Expand Strategic Alliance with CSIRO, Australian Research Organization

Tokyo, Oct 18, 2002 (JCN) - ITOCHU (TSE: 8001) has entered into a 5-year letter of intent with CSIRO, Australia's largest research organization.

ITOCHU has been collaborating with CSIRO since 1996 but has recently agreed to expand, on a longer term basis, its strategic alliance with CSIRO in such innovative technology areas as nanotechnology and biotechnology.

ITOCHU and CSIRO will work together on business development in the Japanese market, with priorities on functional foods and nanomaterials based on research and development conducted by CSIRO.

CSIRO has selected ITOCHU as the only Japanese company among 10 global strategic partners including Boeing in its global corporate alliance program.

This program aims to take Australian science and technology to the global marketplace by partnering with companies with a well-developed understanding of market opportunities and the capacity to commercialize innovative science and technologies.

CSIRO divisions such as Food Science, Health Science & Nutrition and Molecular Science will lead the cooperation with ITOCHU in creating new business opportunities in Japan.

ITOCHU'S website at http://www.itochu.co.jp/main/index_e.html.

By Bruce Porter Staff Writer

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