Istanbul, Turkey—DENSO Corporation recently announced details of an investment in a new sales and manufacturing company in Istanbul, Turkey. Sales of wiper motor and air cleaner products started in January, while sales of starter and alternator products and production of thermal products will begin in February of next year. This company will help us meet our customer’s requirements for local procurement of products.

Established in July 2002, the new company—DENSO Automotive Parts Industry Inc.—began with an initial capital investment of approximately US$7.3 million. Eighty associates and sales of approximately US$40.5 million are projected for fiscal year 2005.

“Construction of DENSO’s first Turkey facility enables us to further meet the needs of our customers in Europe,” said Satoshi Watanabe, DENSO managing director in charge of Thermal Systems. “We anticipate a rapid rise in air conditioning installation in Europe, from today’s 50 percent to 65 percent by 2005.”