IVECO Madrid plant achieves Gold Level in World Class Manufacturing

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* Image for illustrative purpose only

​​​The IVECO plant in Madrid is the first of CNH Industrial’s 64 facilities located around the world to achieve the highest level in manufacturing excellence.

Achieving the Gold WCM Level has required a profound transformation of production systems as well as significant environmental and safety improvements, in which the involvement of everyone at the plant has been essential.

The Madrid plant manufactures the heavy line of IVECO vehicles, which consists of the New Stralis NP and XP, and Trakker ranges for the global markets.

The IVECO plant in Madrid, Spain, is the first manufacturing facility of the CNH Industrial Group to reach Gold Level in the World Class Manufacturing (WCM) program – one of the global manufacturing industry’s highest standards for the integrated management of manufacturing plants and processes. With this achievement, the plant is now the highest ranking facility in terms of manufacturing excellence amongst the Group’s 64 facilities worldwide.

Pierre Lahutte, IVECO Brand President, commented: “We are very proud of the Madrid plant and its WCM Gold Level. This is a huge achievement, which has been made possible by the teamwork, commitment and determination of everyone here at the plant. We have made important investments in the facility, and through the sustained efforts of all the people involved in the production we have completely overhauled the manufacturing processes. The result is best-in-class quality for every single vehicle that leaves the assembly plant.”

Tom Verbaeten, CNH Industrial Chief Manufacturing Officer, added: “We started work on re-engineering all the processes at our plant 10 years ago, and it has been a relentless effort in continuous improvement. Today the plant is at the very top in terms of manufacturing quality. We have reached the very best-in-class level, but this is not the point of arrival: it is the beginning of our next era of excellence, and we will be working just as hard in this continuous improvement process to bring our customers the very best quality in their IVECO trucks.”

The Madrid plant has achieved the best results in its history in this WCM audit as a result of the improvements it has introduced over the years, which have translated into a continuous increase in safety, high quality in the processes and products, and a level of service of 100%. In addition, the plant’s exceptional environmental improvements have resulted in a 53% reduction in CO2 emissions per manufactured vehicle and in the facility recycling 99% of its waste.

The majority of these improvements have been possible thanks to the involvement of the plant’s employees through a suggestions program, in which the Madrid plant is a global reference within the Group with 28 suggestions made by each employee every year.

The Madrid plant: from Spain to the rest of the world
​The Madrid IVECO plant hosts the production lines and Research & Development centre for the brand’s heavy range: the New Stralis, both in the Diesel version, the Stralis XP, and in the CNG and LNG versions, the Stralis NP, as well as the Trakker. The flexible and complex production process of the site enables it to produce up to 300,000 different versions of these vehicles. 87% of this production is destined for export, mainly to European markets, but also to Africa, Asia and South America. The plant employs over 2,500 people, with the highest percentage of female employees in the Spanish automotive sector: 21%. Last year the site received the Kaizen Institute’s Excellence Award in the System of Continuous Improvement category.

Madrid: a factory full of history
IVECO acquired the Madrid facility in 1990, when it took over the historic Spanish truck brand Pegaso. In 2016, the facility celebrated the 70th anniversary of Pegaso and paid homage to a name that was the driving force of industrialization in Spain for many years with the presentation of a Limited Edition Stralis. Pegaso was born in 1946 as Empresa Nacional de Autocamiones (ENASA). The project for the large manufacturing plant in Madrid was started immediately and the first phase of construction was completed in 1955. Pegaso’s total production in Madrid, from 1946 to 1990, reached 405,000 units. In 2008, under the name IVECO Pegaso, the manufacturing site reached the milestone of one million sold vehicles.

IVECO and its commitment to Spain
​The second IVECO plant in Spain, located in Valladolid, is also among the very best of the 64 plants of CNH Industrial in the world, only one point away from the Gold level. In 2012, IVECO decided to concentrate all manufacturing activities of its heavy range in Spain, which meant doubling production in the country. Since then, it has invested 500 million euros in the Spanish plants and aims to continue to increase the production capacity and specialization of the two plants in Madrid and Valladolid.

​Press Release

Lamborghini opens in Dubai its worldwide largest Showroom

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  • Largest showroom in the world reflects anticipated increased volumes after market introduction of the Super SUV Urus
  • ‘’The Middle East is a strong market for Lamborghini’’, says Automobili Lamborghini Chairman & CEO Stefano Domenicali
Sant’Agata Bolognese/ Dubai, UAE, 27 April 2017 –  With the inauguration of the largest Lamborghini showroom in the world in Dubai Automobili Lamborghini is preparing its international dealer network for the future.
The new showroom and service centre, located in Sheik Zayed Road, exit 41, Dubai, UAE is one of twelve Lamborghini sales points within the dealer network in the Middle East and Africa.
With a total surface of 1.800 square meters over 3 floors the showroom and service centre environment reflects the need for increased space as Lamborghini expands its model line-up and plans to double sales with the launch of its new SUV by 2018.

Auto Shanghai 2017: Maserati celebrated the milestone delivery of its 100,000th car and presented an interactive experience for its first ever SUV.

China’s distinction as the Quattroporte’s largest market as well as its 91% year-on-year sales growth in 2016 underline the Chinese market’s important role in Maserati’s global performance, which set a new record with 42,100 car deliveries worldwide last year.

The 100,000th Maserati

Maserati has taken centre stage with a historic moment at Auto Shanghai 2017, presenting its 100,000th car, a 2017 Quattroporte GranSport manufactured at the Avv. Giovanni Agnelli Plant in Italy, to the honoured Chinese owner. Featuring a solid-white exterior and an elegant shade of tan inside, this Quattroporte GranSport is fitted with 21″ Titano rims and features eye-catching red brake calipers. The colour combination perfectly reflects the brand’s legendary heritage of elegance and passion for performance.

Reid Bigland, Head of Maserati, officially unveiled car No. 100,000 at the press conference and announced its honoured owner, a successful and impressive young lady.

“China is Maserati’s largest market for Quattroporte in the world,” said Mr. Bigland. “Our remarkable performance in China last year was a major contributor to our record-breaking global sales. China’s elites are increasingly enamoured by the Italian brand of luxury, exquisite craftsmanship and passion for driving that are poured into every Maserati.”

Mirko Bordiga, Managing Director of Maserati China, provided additional context for the brand’s recent momentum. “Maserati has been in China for over twelve years,” he explained. “Our 2016 sales figures show a significant rise over those of 2015. We attribute this success not only to the fantastic line-up of cars we have launched, but also to Chinese consumers’ growing appreciation for Maserati’s unique lifestyle proposition.”

In 2016, Maserati’s sales volume in China broke 12,000, which marks an incredible 120-fold increase over the 100 sales made in 2004, the company’s first year operating in China. Today, Maserati has around 30,000 customers in China, 38 percent of whom are women. Maserati’s elegant aesthetics, unparalleled craftsmanship, seductive engine sound and thrilling driving experience have truly captured the hearts of China’s discerning new generation of business elites.

Over the past 100 years, Maserati has perfected the craftsmanship of super-luxury cars, engineering and producing each car entirely in Italy. Visitors to Auto Shanghai 2017 can take in an impressive line-up, featuring: Quattroporte, Maserati’s flagship sedan; Levante, the brand’s first-ever SUV; and the always-breath-taking Ghibli sporty sedan.

Levante Augmented Reality Experience

The Shanghai Motor Show will be the first stage to present the new Maserati Levante Augmented Reality Experience, an interactive and immersive experience for those who want to digitally explore more about Levante.

The new Levante Augmented Reality is developed with the Google’s Tango Technology, an Augmented Reality Computing Platform authored by Google, capable to detect the users’ position, allowing 3D mapping and physical space measurement.

All-in to provide the Levante Maserati Augmented Reality experience with a life-size virtual car. As a result, visitors have the possibility to virtually interact with a full scale virtual car and customize elements such as exterior and interior features also thanks to an intuitive light configurator tool. An immersive and Interactive experience, in Maserati style.

Source: Link

Magyar Suzuki rolls out 3 millionth car from its Esztergom factory

3 million Suzuki cars made in 26 years. With this impressive figure, Magyar Suzuki Corporation has reached yet another milestone, again proving that the company is a significant player not only in the Hungarian car manufacturing sector, but also on the global car markets. In addition to last year’s impressive domestic sales volumes, Suzukis manufactured in Hungary were shipped to more than 100 countries in the world from the Esztergom factory.

On 19th April 2017, the 3 millionth car rolled off the production line in the Suzuki factory in Esztergom: a Suzuki SX4 S-Cross. This figure is significant in itself and it also showcases the Hungarian production facility’s substantial contribution to the brand’s Hungarian and European success since the facility’s establishment in 1991. In 1992, 970 vehicles were manufactured in Esztergom; in 2005, production exceeded one hundred thousand cars (136,311 cars); and in 2008, 281,686 new Suzukis rolled out of the plant.

In the past 26 years, defining and iconic models have rolled off the Esztergom production line: The first-generation Swift in 1992, the Wagon R+ in 2000, the Ignis in 2003; the next-generation Swift in 2005, the SX4 in 2006, the Splash in 2008, the new Swift in 2010, the SX4 S-Cross in 2013, and the new Vitara in 2015. Based on its sales figures, the Vitara was by far the most popular model last year in the sport utility (SUV) category, as well as in the passenger car sector. So it is no wonder that in 2016, for the first time since 2009, Suzuki once again lead the passenger car sales with 11,266 cars sold in Hungary. The year 2016 brought another record in the history of Magyar Suzuki: the brand increased its share in the Hungarian passenger car market to 11.67%.

Suzukis manufactured at Magyar Suzuki plant cruise the roads in the Dominican Republic, Guatemala, and in Vanuatu in the Southwest Pacific. This comes as, of the 211,266 models produced in 2016, besides the successful Hungarian domestic sales, the company supplied to more than one hundred countries on the global export markets.

“Looking back on the last two and a half decades, I’m very proud of our achievements. It is very important to stop for a moment at milestones like this and recognize our efforts. Our three thousand employees in Hungary do a great job day by day, contributing significantly to having the 3 millionth Hungarian Suzuki roll out of the factory,” said Mr. Yoshinobu Abe, Chief Executive Officer of Magyar Suzuki on the occasion of the prestigious event.

Press Release

Magna Enters Joint Venture with Chinese Seating Supplier HAPM

 

  • JV bolsters Magna’s product portfolio in seat mechanisms and structures
  • Magna’s global resources and operational expertise complements JV partner
  • Partnership enhances both companies’ footprint and customer base in Asia

SHANGHAI, April 28, 2017 / – To expand its seating expertise in China and throughout Asia, Magna has entered into a joint venture cooperation agreement with China’s Hubei Aviation Precision Machinery Co., Ltd. (HAPM).  Subject to regulatory approval, the deal is expected to close in the fourth quarter of 2017.

HAPM is a major Chinese automotive seat mechanism and structure component supplier and a subsidiary company of AVIC Electromechanical Systems Co., Ltd (AVICEM). Headquartered in Hubei Xiangyang, HAPM designs, develops and manufactures a wide range of automotive seating products from manual/power recliners, tracks, height adjusters and structures.  Established in 1995, the company has built up a solid customer base in both domestic and overseas markets.

The strategic cooperation brings together two innovative suppliers in the seating market to deliver a stronger product portfolio and advanced technology development to customers.

“We are very pleased to establish such a cooperative relationship with Magna. As a world leading automotive supplier, Magna’s global resources and expertise will be vital to the joint venture’s success,” said Mr. Wang Jian, Chairman of AVICEM.

“As the world’s largest vehicle market, China is a region in which we want to expand our seating capabilities, and with HAPM’s strong market position and seating mechanism know-how, we expect to grow our business even further in the region and throughout Asia,” said Mike Bisson, President of Magna Seating.

ABOUT MAGNA INTERNATIONAL

We are a leading global automotive supplier with 317 manufacturing operations and 102 product development, engineering and sales centres in 29 countries. We have over 155,000 employees focused on delivering superior value to our customers through innovative products and processes, and world class manufacturing. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, vision, closure and roof systems. We also have electronic and software capabilities across many of these areas. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.

Please click HERE for a PDF version of the release.

Source: Magna International Inc.

 

Timken Reports First-Quarter 2017 Results; Raises Full-Year Outlook

— Reports sales of $704 million in the first quarter, up almost 3% from the same period last year
— Generates earnings per diluted share of $0.48 on a GAAP basis, with adjusted earnings per diluted share of $0.55
— Raises 2017 outlook; now expects 2017 GAAP earnings of $2.15 to $2.25 per diluted share and adjusted earnings of $2.35 to $2.45 per diluted share

NORTH CANTON, Ohio, April 26, 2017 /PRNewswire/ — The Timken Company (NYSE: TKR; www.timken.com), a global leader in bearings and mechanical power transmission products, today reported first-quarter 2017 sales of $703.8 million, up 2.9 percent from the same period a year ago. The results reflect increased industrial distribution and off-highway demand, as well as the benefit of acquisitions, partially offset by lower rail, wind energy and aerospace shipments.

In the first quarter, Timken posted net income of $38.2 million or $0.48 per diluted share, versus net income of $65.9 million or $0.82 per diluted share for the same period a year ago. The year-ago period included CDSOA1income of approximately $31 million after-tax. The year-over-year change in net income also reflects the impact of higher volume, improved manufacturing performance and lower restructuring charges, partially offset by unfavorable price/mix and a pension mark-to-market remeasurement charge in the quarter.

Excluding special items (detailed in the attached tables), adjusted net income in the first quarter of 2017 was $43.7 million or $0.55 per diluted share, up from $39.9 million or $0.50 per diluted share for the same period in 2016. The increase in adjusted net income reflects the impact of higher volume and improved manufacturing performance, partially offset by unfavorable price/mix. The company generated cash from operations of $46.7 million and free cash flow of $27.4 million in the first quarter.

“We had a solid start to the year, with stronger demand in sectors like industrial distribution and off-highway,” said Richard G. Kyle, Timken president and chief executive officer. “We responded well to the increase in demand, improved operating margins and generated solid cash flow, while continuing to advance our strategy across the globe.”

Recently, the company:

  • Added to its mechanical power transmission product portfolio with the acquisition of Torsion Control Products, Inc., a manufacturer of engineered torsional couplings, which complements the Lovejoy acquisition made last year; and
  • Returned $28 million in capital to shareholders in the first quarter through the repurchase of 185,000 shares and the payment of its 379th consecutive quarterly dividend.

First-Quarter Segment Results

Mobile Industries reported first-quarter sales of $383 million, roughly flat compared to the same period a year ago, with increased demand in the mining and agriculture sectors offset by softness in rail and aerospace.

Earnings before interest and taxes (EBIT) in the quarter were $30.8 million or 8 percent of sales, compared with EBIT of $32 million or 8.4 percent of sales for the same period a year ago. The decrease in EBIT primarily reflects unfavorable price/mix in the quarter partially offset by favorable currency.

Excluding special items (detailed in the attached tables), adjusted EBIT in the quarter was $36.6 million or 9.6 percent of sales, compared with $37.7 million or 9.8 percent of sales in the first quarter last year.

Process Industries sales of $320.8 million for the first quarter were up 6.6 percent from the same period a year ago, driven primarily by increased industrial distribution demand, higher marine revenue and the benefit of acquisitions, partially offset by lower revenue in wind energy and services.

EBIT for the quarter was $43 million or 13.4 percent of sales, compared with EBIT of $33.8 million or 11.2 percent of sales for the same period a year ago. The increase in EBIT was driven by the impact of higher volume, improved manufacturing performance, lower SG&A expenses and the benefit of acquisitions, partially offset by unfavorable price/mix. In addition to these operating factors, year-on-year results were also impacted by lower restructuring charges in the quarter.

Excluding special items (detailed in the attached tables), adjusted EBIT in the quarter was $44.2 million or 13.8 percent of sales, compared with $37.4 million or 12.4 percent of sales in the first quarter last year.

2017 Outlook

“Encouraged by our start to the year, we are raising our revenue and earnings outlook, with the expectation that markets sustain their recent improvements,” said Kyle. “We are confident in our ability to generate solid bottom-line growth in 2017.”

The company now expects 2017 revenue to be up 5 to 6 percent in total versus 2016. Within its segments, the company estimates full-year 2017:

  • Mobile Industries’ sales to be up 2-3 percent, driven primarily by improved demand in the off-highway and heavy truck sectors and the benefit of acquisitions, partially offset by continued weakness in the rail sector.
  • Process Industries’ sales to be up 9-10 percent, reflecting growth across most end-market sectors and the benefit of acquisitions, offset partially by unfavorable currency.

Timken now anticipates 2017 earnings per diluted share to range from $2.15 to $2.25 for the full year on a GAAP basis, which does not include the impact of any potential mark-to-market pension remeasurement adjustments in the fourth quarter.

The company expects 2017 adjusted earnings per diluted share to range from $2.35 to $2.45.

Recast of 2016 Earnings for Change in Accounting Principle

In the first quarter of 2017, Timken implemented a change in accounting principle for pension and OPEB costs. Prior to 2017, the Company amortized actuarial gains and losses into earnings over time. Under the new principle, the company will recognize actuarial gains and losses as a mark-to-market remeasurement gain or loss when they occur rather than amortizing them to earnings over time. In addition, the Company has changed its accounting policy for measuring the market-related value of plan assets from a calculated amount (based on a smoothing of asset returns) to fair value. As a result of these changes, 2016 earnings have been recast to make the company’s results comparable year-over-year. First-quarter 2016 earnings have been recast from $0.78 to $0.82 per diluted share. First-quarter 2016 adjusted earnings have been recast from $0.46 to $0.50 per diluted share. More information on the 2016 impact of this change in accounting principle can be found in the Form 8-K filed by the company on April 24, 2017.

Conference Call Information

Timken will host a conference call today at 11 a.m. Eastern Time to review its financial results. Presentation materials will be available online in advance of the call for interested investors and securities analysts.

Conference Call:

Wednesday, April 26, 2017

11:00 a.m. Eastern Time

Live Dial-In: 877-545-1407 or 719-325-4795

(Call in 10 minutes prior to be included.)

Conference ID: Timken’s 1Q Earnings Call

Conference Call Replay:

Replay Dial-In available through May 10, 2017:

888-203-1112 or 719-457-0820

Replay Passcode: 1748373

Live Webcast:

http://investors.timken.com

About The Timken Company

The Timken Company (NYSE: TKR; www.timken.com) engineers, manufactures and markets bearings, gear drives, belts, chain, couplings, and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve reliability and efficiency of machinery and equipment all around the world. The company’s growing product and services portfolio features many strong industrial brands including Timken®, Fafnir®, Philadelphia Gear®, Drives®, Lovejoy® and Interlube™. Known for its quality products and collaborative technical sales model, Timken posted $2.7 billion in sales in 2016. With more than 14,000 employees operating from 28 countries, Timken makes the world more productive and keeps industry in motion.

Certain statements in this release (including statements regarding the company’s forecasts, estimates plans and expectations) that are not historical in nature are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements related to expectations regarding the company’s future financial performance, including information under the heading “Outlook,” are forward-looking.

The company cautions that actual results may differ materially from those projected or implied in forward-looking statements due to a variety of important factors, including: the finalization of the company’s financial statements for the first quarter of 2017; the company’s ability to respond to the changes in its end markets that could affect demand for the company’s products; unanticipated changes in business relationships with customers or their purchases from the company; changes in the financial health of the company’s customers, which may have an impact on the company’s revenues, earnings and impairment charges; fluctuations in raw material and energy costs; the impact of changes to the company’s accounting methods; weakness in global or regional economic conditions and capital markets; fluctuations in currency valuations; changes in the expected costs associated with product warranty claims; the ability to achieve satisfactory operating results in the integration of acquired companies; the impact on operations of general economic conditions; fluctuations in customer demand; the impact on the company’s pension obligations due to changes in interest rates, investment performance and other tactics designed to reduce risk; the company’s ability to complete and achieve the benefits of announced plans, programs, initiatives, and capital investments; and retention of U.S. Continued Dumping and Subsidy Offset Act distributions. Additional factors are discussed in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2016, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

1 Represents funds received by the company under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA).

Media Relations:
234.262.3514
mediarelations@timken.com

Investor Relations:
Jason Hershiser
234.262.7101
jason.hershiser@timken.com

Source: The Timken Company

Yanmar Expands Holdings in International Tractors Ltd (Sonalika Tractors)

Yanmar Holdings Co., Ltd. (“Yanmar”) and Development Bank of Japan Inc. (“DBJ”) have acquired an additional interest in leading India tractor manufacturer International Tractors Limited.

Yanmar first invested in ITL in 2005, and has provided ITL with technical guidance in the past. Seeking now to significantly increase sales in India, the world’s largest tractor market, Yanmar has boosted its holdings in the company, acquiring additional ITL stock as a joint investment using the “specified investment business” scheme provided by DBJ.

Going forward, Yanmar will continue to actively provide agricultural solutions in agrarian countries the world over, towards further enriching people’s lives and lifestyles.

<About YANMAR>

With beginnings in Osaka, Japan in 1912, YANMAR was the first ever to succeed in making a compact diesel engine of a practical size in 1933. Moving on, with industrial diesel engines as the cornerstone of the enterprise, YANAMR has continued to expand its product range, services, and expertise to deliver total solutions as an industrial equipment manufacturer. As a provider of small and large engines, agricultural machinery and facilities, construction equipment, energy systems, marine, machine tools, and components — YANAMR’s global business operations span seven domains.
On land, at sea, and in the city, YANMAR’s Mission of “providing sustainable solutions focused on the challenges customers face, in food production and harnessing power, thereby enriching people’s lives for all our tomorrows,” stands testament to YANMAR’s determination to providing us with “A SUSTAINABLE FUTURE.” For more information, visit YANMAR CO., LTD. at its global website at https://www.yanmar.com/global/about/.

Press Release

Yokohama Rubber Establishes New Internal Unit to Strengthen Involvement in Motorsports

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Tokyo—The Yokohama Rubber Co., Ltd., announced today that it will dissolve its subsidiary, Yokohama Motorsports International Co., Ltd. (YMI), dedicated to motorsports activities effective on June 30, 2017, and transfer the subsidiary’s operations to a new internal Motorsports Department that will be established on May 1.

YMI was established in April 2013 to promote and supervise YOKOHAMA’s motorsports activities, including the development and supply of tires for motor racing competitions. Since its establishment, the subsidiary has contributed to a diverse range of motorsports events by supplying YOKOHAMA tires, including many competitions that have adopted YOKOHAMA tires as their control tire, such as the Japanese SUPER FORMULA Championship series, GT Asia, the Sepang 12 Hours endurance race, the All-Japan Formula 3 Championship Series, and the FIA World Touring Car Championship (WTCC), and many other racing series, including SUPER GT races. Given the Company’s plans to further expand and broaden its motorsports activities around the world, it was decided that an internal organization would be better able to effectively supervise and coordinate these important activities. Hence, the subsidiary is being dissolved and replaced by an internal organization, the Motorsports Department.

Yokohama Rubber’s worldwide motorsports activities contribute to the globalization of the Company’s tire business and greater recognition of the YOKOHAMA brand. It also promotes the growth, development and revitalization of the motorsports market and the automobile industry as a whole.

Outline of subsidiary being dissolved

(1) Name: Yokohama Motorsports International Co., Ltd.
(2) Head office: 36-11, Shimbashi 5-chome, Minato-ku, Tokyo
(3) Representative Director: Yoshiaki Abe
(4) Business: Planning, development, design, and sales of tires for racing competitions; Planning and management of promotions for motorsports activities
(5) Capital: ¥10 million
(6) Date established: April 1, 2013
(7) Shareholders: Yokohama Rubber Co., Ltd. 100%

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SUZUKI, TOSHIBA and DENSO reached basic agreement to establish joint venture company for production of automotive lithium-ion battery packs in India

SUZUKI MOTOR CORPORATION (SUZUKI), TOSHIBA CORPORATION (TOSHIBA) and DENSO CORPORATION (DENSO) have reached basic agreement on establishing a joint venture company for production of automotive lithium-ion battery packs in India, and signed the agreement.

In India, higher attention is being paid to environment, and new CO2 standards for automobiles is planned to be introduced.  In the Indian automotive market where compact cars are the mainstream models, introduction of sustainable technology suitable for such affordable cars is required.  The battery pack manufacturing joint venture by the three companies will realize stable supply of lithium-ion battery packs in India in the course of promoting sustainable cars in the country and will contribute to “Make in India” initiative by the Indian Government.

The joint venture company will be established within 2017 and shall move to manufacturing phase at earliest possible timing.  The initial capital expenditure will be 20 billion Japanese yen.  The joint venture company will be capitalized at 2 billion Japanese yen, with the planned participation ratio of SUZUKI 50%, TOSHIBA 40% and DENSO 10% respectively.

Establishment of the joint venture company will be further examined in details by the three companies, and subject to approval by respective authorities in accordance with applicable competition laws.

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DENSO and IBIDEN to Collaborate on Developing Powertrains

KARIYA (Japan) ― Global automotive supplier DENSO Corporation and electronics and ceramics company IBIDEN Co., Ltd. have today formed a capital and business alliance to jointly develop the next-generation vehicle exhaust system. This collaboration will combine IBIDEN’s advantages in high-performance ceramic materials with DENSO’s advantages in developing products as systems to synergistically develop high-performance yet simple and low-cost vehicle exhaust systems. DENSO will acquire the treasury stock of IBIDEN through a third-party allocation. In addition, to respond to an increasingly diverse range of powertrains, DENSO and IBIDEN will consider collaboration in the area of vehicle electrification to make vehicle electrification more efficient.

As international regulations on vehicle exhaust emissions become more strict, internal combustion engines must be more efficient and the exhaust systems improved. This capital and business alliance will enable the two companies to pool their accumulated technological strengths to speed up the development of high-performance vehicle exhaust systems for internal combustion engines, including gasoline, diesel, hybrid, and plug-in hybrid engines.

DENSO has developed and provided systems components to better control the intake, power, and exhaust events in the operating cycle of gasoline and diesel engines. Meanwhile, IBIDEN has focused on its ceramic business and developed high-performance ceramic materials, such as for diesel particulate filters (DPF), for the exhaust system of diesel engines.

The two companies will develop eco-friendly products that improve fuel efficiency and reduce exhaust emissions, thus helping to preserve the global environment.

About DENSO Corporation

DENSO Corp., 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 38 countries and regions (including Japan) and employs more than 150,000 people. Consolidated global sales for the fiscal year ending March 31, 2016, totaled US$40.2 billion. Last fiscal year, DENSO spent 8.8 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.denso.com

About IBIDEN Co., LTD.

IBIDEN Co., Ltd. is a Japanese company with more than 100 years history. The IBIDEN Group consists of 37 subsidiaries and 3 affiliates. IBIDEN Group is managing businesses centering around electronics and ceramics. In the electronics business, the company designs and manufactures plastic packages and printed-wiring boards that are used for personal computers and smart phones as well as contributing to the development of telecommunication equipment which the world is expecting. In the ceramics business, IBIDEN produces Diesel Particulate Filters (DPF) that purifies the exhaust gas of diesel cars, and also produces graphite specialty products used for semiconductor and solar cell manufacturing devices. IBIDEN designs and manufactures the products that reduce the global-environmental load with long-established ceramic technologies. For more information, visit their website www.ibiden.com

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