DENSO Establishes New Company in Tianjin, China to Produce Instrument Clusters
The new company will begin production at the end of 2006. In 2010, employment is expected to reach 80 people and sales are projected to reach approximately US $23 million (2.7 billion yen) by 2010.
Tokyo, Japan, Mar 15, 2006 - (JCN Newswire) - DENSO Corporation announced today that it has established a new company in Tianjin, China, Tianjin Poong Sung Electronics Co., Ltd., to produce instrument clusters. The new company will begin production at the end of 2006. In 2010, employment is expected to reach 80 people and sales are projected to reach approximately US $23 million (2.7 billion yen) by 2010.
"DENSO established this new company in response to the production needs of Korean automotive manufacturers in China," said Mitsuharu Kato, managing officer for DENSO Corporation's Information & Safety Systems Business Group.
This is DENSO's second company to produce instrument clusters in China.
New Company Profile
1. Name: TIANJIN POON SUNG ELECTRONICS CO., LTD.?
2. Established: February 23, 2006?
3. Location:Yat-Sen Scientific Industrial Park, Wuqing, Tianjin, China?????????????????????? (about 30 kilometers northwest of the center of Tianjin)?
4. Capital:US $1.81 million?
5. Ownership: 66.6 percent by DENSO PS Electronics Corporation* 33.4 percent by DENSO (China) Investment Co., Ltd.**?
6. Total Investment:? US $2.58 million?
7. President:Cho Bong-Hwan (Director of DENSO PS Electronics Corporation)?
8. Product Line: Instrument Clusters?
9. Employees: 80 (projected for fiscal 2010)?
10. Sales: Approximately US $23 million (2.7 billion yen)*** (projected for fiscal 2010)? * 51 percent DENSO-owned company to produce instrument clusters in Republic of Korea. ** 100 percent DENSO-owned regional headquarters for China. *** Exchange rates used are 117 yen per one dollar, at the end of February 2006 for convenience only.???? Billion is used in the American sense of one thousand million.?
Profiles of the Investing Companies
DENSO PS Electronics Corporation
1. Established:June 1976?
2. Location:853-11 Wae-dong Changwon City Kyungnam, Korea?
3. Capital:Approximately US $2.7 million (2.58 billion won)*?
4. Ownership: 51 percent by DENSO Corporation? 49 percent by Poong Sung Motors Co.,Ltd.**? 5. Business:????????? Manufacture and sale of instrument clusters?
6. Employees:???????? Approximately 530 (May 2005)?
7. Sales:???????????? Approximately US $153 million (146.4 billion won)*?????????????????????? (March 2005)? * Exchange rates used are 955 won per one dollar, at the end of February 2006 for convenience only.?? Billion is used in the American sense of one thousand million. ** Holding company of Poong Sung group.?
DENSO (China) Investment Co., Ltd.??
1. Established:February 2003
2. Location: Chaoyang District, Beijing, China?
3. Capital:? Approximately US $178 million?
4. Ownership:100 percent by DENSO Corporation?
5. Business Fields: Regional headquarters for China business, along with sales for automotive components manufactured by companies in China.?
6. Employees:196 (December 2005)?
About Denso Corporation
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 104,000 people in 31 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2005 totaled US$26.2 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