Atlas Group Signs Joint Venture Agreement with DENSO Corporation
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Atlas Group Signs Joint Venture Agreement with DENSO Corporation - JCN Newswire
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Atlas Group Signs Joint Venture Agreement with DENSO Corporation

Kariya, Japan, Aug 31, 2012 - (JCN Newswire) - The Atlas Group and DENSO Corporation (DENSO) today announced the agreement to establish a new Joint Venture in Pakistan. The agreement will strengthen the already close co-operation between Atlas Group and DENSO with the goal to manufacture quality competitive motorcycle parts in the country. The new company, Atlas Hitec (Private) Limited will be established in September 2012. The two Groups intend to launch the project with an initial combined equity investment of US $7.2 million. Commercial production is projected to start from October 2013.

The motorcycle industry in Pakistan expects a strong growth. The new company will utilize Atlas Group's abundant business expertise in the country and DENSO's technologies for motorcycle parts, to produce products that meet the market needs in Pakistan.

The signing ceremony was held at Atlas Group office, Federation House, Karachi where Mr. Yusuf H. Shirazi, the Chairman Atlas Group, and Mr. Michio Adachi, the Senior Executive Director of DENSO Corporation inked the agreement.

Both Atlas Group and DENSO are renowned names in the manufacturing and marketing of auto products. Atlas Group is best known for manufacturing and marketing of motorcycles and cars in collaboration with Honda Motor Company, Japan. It also manufactures various hi-tech components in-house in technical collaboration with leading components manufacturers including DENSO. DENSO is the leading supplier of advanced automotive technologies, systems and components for the world's major automakers and two-wheeler vehicles and has operations in over 30 countries around the world.

The venture marks a significant milestone in the collaboration between two Companies as it cements an already excellent co-operation between the two partners.

About Denso

DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world's major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions (including Japan) and employs more than 130,000 people. Consolidated global sales for the fiscal year ending March 31, 2013, totaled US$38.1 billion. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com.

Contact:

Atlas Group
Finance and Legal Affairs
Kashif Yaseen
Phone: +92-21-32575561
Kashif.yaseen@atlashonda.com.pk

DENSO Corporation
Corporate Communications Div.
Goro Kanemasu
Phone: +81-566-25-5594
goro_kanemasu@denso.co.jp
 


Aug 31, 2012
Source: Denso

Denso (TSE: 6902) (U.S: DNZOY)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Joint Venture
View more news from these Sectors: Automobile Parts and Manufacturing


 
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