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| July 02, 2002 |
| GSB-TBK Automotive Components Established in Spain |
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| Tokyo, Japan, July 2, 2002 -- Tokyo Buhin Kogyo Co., Ltd., today announced its establishment of a joint venture with Spain's GSB Group on June 19, 2002, for manufacturing oil and water pumps. |
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| 1. Purpose of establishment |
| To augment TBK's global production capability. The joint venture will enhance our ability to meet customers' requests for our products worldwide. As the TBK Group's first production facility in Europe, it will also serve new users in that important region. |
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| 2. Outline of the company |
| Company name |
GSB-TBK Automotive Components, S.L. |
| Address |
Vilanova i la GeltruL (Barcelona), Catalonia, Spain |
| Initial share capital |
€2,000,000 |
| TBK's equity position |
25 percent (as of July, 2002) |
| Business |
Manufacture of automotive oil and water pumps |
| Establishment date |
June 19, 2002 |
| Start of production |
October 2002 |
| Projected sales |
€8,000,000 for 2003 |
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3. GSB Group
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| Headquartered in Spain, the GSB Group is a leading manufacturer of basic materials for automotive components in Europe. Specializing in forging and die casting, the Group has annual sales of around €550 million. |
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| 4. Outlook |
A technical assistance agreement formed in 2000 calls for the GSB Group and TBK to provide the new company with their technical expertise. TBK's specific role covers provision of development and production technologies related to pumps.
The receipt of major new orders from leading European automakers prompted us to establish the joint venture.
Located in Barcelona, where many prominent European auto-related companies have operations, GSB-TBK Automotive Components will greatly benefit TBK's pump operations. The new company will target orders from the manufacturing facilities of TBK's clients in Europe, as well as from clients of the GSB Group, including Mercedes-Benz, Volkswagen, Renault, Audi, and Peugeot. Orders for TBK's pumps are expected to increase as a result. |
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| Copyright (c) 2005 TBK Co., Ltd. All Rights Reserved. |
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