DENSO Investing in a Pricol Subsidiary to Produce Instrument Clusters in India


Expanding the Global Manufacturing Footprint of Instrument Cluster Business
 
April 24, 2013

Contact: Bridgette LaRose
Phone: (248) 372-8266
Email: bridgette_larose@denso-diam.com


KARIYA (Japan) — In an effort to grow instrument cluster business in India, DENSO Corporation has acquired shares of Pricol Components Limited, a subsidiary of Pricol Limited, that designs, manufactures, and sells instrument clusters for passenger vehicles. DENSO completed the investment transaction on April 23, 2013, and now holds 51 percent ownership and Pricol holds the remaining 49 percent. Pricol Components Limited will be renamed DENSO Pricol India Limited later this year.

Pricol Components began manufacturing instrument clusters for passenger vehicles on April 22, in a section of Pricol’s two plants located in Coimbatore and Manesar, Haryana, India, with production equipment obtained from Pricol.

DENSO has sold all of its shares of Pricol upon investing in Pricol Components. Pricol is one of the leading automotive suppliers of instrumental clusters and oil pumps in India. DENSO has been a longtime partner with Pricol mainly in the field of instrumental cluster business.


DENSO produces automotive instrument clusters in nine countries and regions across the globe. DENSO recently announced it will begin producing instrument cluster in Poland in August 2013. DENSO will continue to strengthen its global supply capability to meet customers need worldwide.

The profile of the new company and Pricol Limited:

Profile of Pricol Components Limited
1.  Company name   Pricol Components Limited
*The company is planned to be renamed DENSO Pricol India Limited.
2.  Location   Coimbatore, Tamil Nadu, India
3.  Managing Director   Masaaki Muraki
4.  Capital   100 million rupees (approximately US$1.9 million)
5.  Ownership   51 percent owned by DENSO Corporation, and 49 percent owned by Pricol Limited
6.  Sales   1.54 billion rupees (approximately US$28.7 million, planned for fiscal year ending March 31, 2016)
7.  Employees   101
8.  Business description   Design, manufacture, and sale of instrument clusters for passenger vehicles

Profile of Pricol Limited
1.  Company name   Pricol Limited
2.  Location   Coimbatore, Tamil Nadu, India
3.  Chairman   Vijay Mohan
4.  Managing Director   Vikram Mohan
5.  Establishment   March 1972
6.  Capital  90 million rupees (approximately US$1.7 million)
7.  Sales   8.4 billion rupees (approx. US$156.3 million, as of fiscal year ending March 31, 2013)
8.  Employees  4,709 (as of March 2013)
9.  Business description  Design, manufacture, and sale of instrument clusters, automotive sensors, and powertrain related products

* Exchange rate used is 53.74 Indian rupees to the US one dollar, at the end of March 2013 for convenience only.

About DENSO in India
DENSO has operated in India for nearly 30 years, since 1984. Currently, DENSO has six subsidiaries, including four production companies, DENSO International India, Pvt. Ltd., the regional headquarters in India established in 1999, and DENSO Subros Thermal Engineering Centre India Limited, which is responsible for the design of air conditioners and thermal appliances for cars. In total, DENSO employs more than 2,400 employees in India.

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 35 countries and regions (including Japan) and employs approximately 120,000 people. Consolidated global sales for the fiscal year ending March 31, 2012, totaled US$38.4 billion. Last fiscal year, DENSO spent 9.5 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com

In North America, DENSO employs more than 14,000 people at 28 consolidated companies and affiliates. Of these, 26 are manufacturing facilities located in the U.S., Canada and Mexico. In the U.S. alone, DENSO employs more than 10,000 people in California, Michigan, North Carolina, South Carolina, Tennessee, Kentucky, Georgia, Iowa, Ohio, and Arkansas. DENSO’s North American consolidated sales totaling US$6.2 billion for the fiscal year ending March 31, 2012.

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