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Establishing NTN Mie Corpration
NTN Corporation (NTN) announced the establishment of NTN Mie Corporation (Mie Corporation) as of April 1, 2004 as below.
1. Aim of establishing subsidiary
The aim is to quickly build a bearing production factory that matches the Chinese on lead time and costs and make it a model for domestic production.
Mie Corporation is conveniently located near NTN Kuwana Works and the Kuwana Engineering Center to utilize a wide range of engineering assistance from its affiliates and suppliers in the Kuwana region. It seeks ideal manufacturing methods with its new concept and its unique, flexible operation.
2. Outline of new subsidiary
| (1) | Name | NTN Mie Corporation |
| (2) | Representative | Makoto Onoda |
| (3) | Location | 2454 Aza Tsuchijima, Oaza Higashikata, Kuwana-shi, Mie Prefecture (as of establishment date)
3601-10 Aza Sakaidani, Oaza Mizono, Tado-cho, Kuwana-gun, Mie Prefecture (as of the August completion of factory construction) |
| (4) | Date of establishment | April 1, 2004 |
| (5) | Main business | Manufacture and sales of various types of bearings and bearing parts |
| (6) | Fiscal year end | March 31 |
| (7) | Number of employees | Approximately 300(after 3 years) |
| (8) | Capital | ¥10 million
(Mie Corporation is scheduled to increase its capital to ¥1 billion in September 2004 and to ¥3 billion in February 2005.) |
| (9) | Ownership stake | 100% wholly-owned subsidiary of NTN Corporation |
3. Future prospects
Operations are scheduled to start in September of this year. The plant site and floor areas are approximately 85,000 square meters and 36,000 square meters respectively with sales after three years expected to reach ¥15 billion.
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