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FOR IMMEDIATE RELEASE Media Contacts: Minebea Co., Ltd. Masaki Ishikawa Corporate Communications / Investor Relations Office Corporate Planning Department URL: http://www.minebea.co.jp/ Tel: +81-3-5434-8637 Fax: +81-3-5434-8607 Matsushita Electric Industrial Co., Ltd. Akira Kadota/Wilson Solano International PR, Tokyo URL: http://www.matsushita.co.jp/ Tel: +81-3-3578-1237 Fax: +81-3-5472-7608
Matsushita and Minebea Establish Joint Venture Company for Information Equipment Motor
Matsushita Electric Industrial Co., Ltd. ("MEI"), best known for its Panasonic brand of consumer electronics and digital communication products, and Minebea Co., Ltd. ("Minebea"), the leading name in miniature and small-sized ball bearings, have announced today that the two companies will establish a new joint venture company for information equipment motor business, in accordance with the basic agreement signed on August 27, 2003 and the business integration agreement signed today.
The new joint venture company, to be named "Minebea-Matsushita Motor Corporation" will be established on April 1, 2004 to integrate information equipment motor business of the two companies in four categories - fan motors, stepping motors, vibration motors and direct current (DC) brush motors ("information equipment motors").
Tosei Takenaka, Director and Senior Managing Executive Officer of Minebea will assume the post of President of the new company, while Miyuki Furuya, Director of MEI's Information Equipment Motor Business Unit, will be assigned asVice President of the same company.
The new company will integrate all functions of the two companies' information
equipment motor business in the aforementioned four categories from development,
manufacturing and sales. By so doing, the new company will be positioned
among the top three in each of the four categories, based on unit sales
results for the year ended March 31, 2003.
The new company aims to increase its global competitiveness and capture
the leading position in markets worldwide in relevant product categories.
This is to be achieved through economies of scale, standardization of
manufacturing processes and designing methods utilizing advanced production
engineering and product development technologies of Matsushita and Minebea,
and through cost reduction efforts from the development of advanced magnet
/ material analysis technologies.
The establishment of the new company will affect the following operational
bases:
Matsushita Electric
1) Motor Company's Information Equipment Motor Unit (Osaka and Tottori)
2) Production bases in Singapore, Malaysia and China
Minebea
1) Karuizawa Manufacturing Unit (Nagano)
2) Hamamatsu Manufacturing Unit (Shizuoka)
3) Minebea Electronics Co., Ltd.
4) Production bases in Thailand and China
| Name | Minebea-Matsushita Motor Corporation | ||||||
|---|---|---|---|---|---|---|---|
| Date of establishment | April 1, 2004 | ||||||
| Head Office Location | Meguro-ku, Tokyo | ||||||
| Representatives |
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| Capital | 10 billion yen | ||||||
| Share holding ratio | 60% by Minebea 40% by MEI | ||||||
| Scale of operations | Annual sales of approximately 90 billion yen (estimate for fiscal year ending March 31, 2005) | ||||||
| Number of employees | Approximately 9,800 (including 243 for domestic operations) | ||||||
| Business Description | Development, manufacturing and sales of fan motors, stepping motors, vibration motors and DC brush motors |
About Minebea Co., Ltd.
Minebea is a comprehensive manufacturer and supplier of high precision components such as miniature ball bearings and precision small motors for use in information & telecommunications equipment including primarily PCs, household electrical appliances, aircraft, and automobiles. As of March 31, 2003, the Minebea Group encompassed 31 plants and 45 sales offices and employs a total of 43,002 persons in 14 countries. Facilities in Thailand form the largest production base of the Group, which is responsible for most of its mainstay products and produces about 60% of the Group's total output. Based in Nagano, Japan, the Company reported consolidated sales of US$2.26 billion for the fiscal year ended March 31, 2003. Minebea's shares are listed on stock exchanges in Tokyo (6479), Osaka, Nagoya and Singapore. Further information is available at http://www.minebea.co.jp/
About Matsushita Electric Industrial Co., Ltd.
Matsushita Electric Industrial Co., Ltd., best known for its Panasonic
brand name, is a worldwide leader in the development and manufacture of
electronic products for a wide range of consumer, business, and industrial
needs. Based in Osaka, Japan, the Company recorded consolidated sales
of US$61.68 billion for the fiscal year ended March 31, 2003. Matsushita's
shares are listed on the Tokyo, Osaka, Nagoya, New York, Euronext Amsterdam
and Frankfurt stock exchanges. For more information, visit the Matsushita
website at http://panasonic.co.jp/global/top.html.
Disclaimer Regarding Forward-Looking Statements
I. Minebea
In this press release, all statements about Minebea and its Group of Companies
(Minebea) that are not historical facts are future projections made based
on certain assumptions and Minebea's management's judgment drawn from
currently available information. Accordingly, when evaluating Minebea's
performance or value as a going concern, these projections should not
be relied on entirely. Please note that actual performance may vary significantly
from any particular projection, owing to various factors, including, (i)
changes in economic indicators surrounding us or demand trends; (ii) fluctuation
of foreign exchange rates or interest rates; and (iii) our ability to
continue R&D, manufacturing and marketing in a timely manner in the
electronics business sector, where technological innovations are rapid
and new products are launched continuously. Please note, however, this
is not a complete list of the factors affecting actual performance.
II. Matsushita
This press release includes forward-looking statements (within the meaning
of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the
U.S. Securities Exchange Act of 1934) about Matsushita and its group companies
(the Matsushita Group). To the extent that statements in this press release
do not relate to historical or current facts, they constitute forward-looking
statements. These forward-looking statements are based on the current
assumptions and beliefs of the Matsushita Group in light of the information
currently available to them, and involve known and unknown risks, uncertainties
and other factors. Such risks, uncertainties and other factors may cause
the Matsushita Group's actual results, performance, achievements or financial
position to be materially different from any future results, performance,
achievements or financial position expressed or implied by these forward-looking
statements. Matsushita undertakes no obligation to publicly update any
forward-looking statements after the date of this press release. Investors
are advised to consult any further disclosures by Matsushita in its subsequent
filings with the U.S. Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934.
The risks, uncertainties and other factors referred to above include,
but are not limited to, economic conditions, particularly consumer spending
and corporate capital expenditures in the United States, Europe, Japan
and other Asian countries; volatility in demand for electronic equipment
and components from business and industrial customers, as well as consumers
in many product and geographical markets; currency rate fluctuations,
notably between the yen, the U.S. dollar, the euro, Asian currencies and
other currencies in which the Matsushita Group operates businesses, or
in which assets and liabilities of the Matsushita Group are denominated;
the ability of the Matsushita Group to respond to rapid technological
changes and changing consumer preferences with timely and cost-effective
introductions of new products in markets that are highly competitive in
terms of both price and technology; the ability of the Matsushita Group
to realize expected benefits of various restructuring activities in its
business and organization; the ability of the Matsushita Group to achieve
its business objectives through joint ventures and other collaborative
agreements with other companies; the ability of the Matsushita Group to
maintain competitive strength in many product and geographical areas;
current and potential, direct and indirect restrictions imposed by other
countries over trade, manufacturing, labor and operations; and fluctuations
in market prices of securities and other assets in which the Matsushita
Group has holdings; as well as future changes or revisions to accounting
policies or accounting rules.
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