Nagoya, November 26, 2001 – Toyoda Gosei Co., Ltd. and Tokai Rika Co., Ltd., today announced that they have reached a basic agreement to collaborate on the development, manufacture and sale of automotive safety systems and components.

By joining resources to enhance their capabilities and expand existing markets, the two companies have set their sights on becoming leading global suppliers of integrative safety systems comprising air bags and seat belts.

The agreement defines three areas for collaboration in developing systems and components for global markets: safety systems incorporating steering wheels, air bag modules (dual front, side-impact and side curtain) and seat belts; steering wheel-mounted air bag modules; and seat belts. Toyota Gosei will be primarily responsible for the development, design, marketing and sale of the integrated safety systems featuring air bag modules and seat belts, while Tokai Rika will contribute its expertise in developing, producing and marketing seat belts. Both companies will utilize current production facilities around the world for optimal efficiency in manufacturing collaborative products.

The two companies will shortly form a committee of senior executives to work out specific details of cooperation and other critical matters, pursuant to the basic agreement on the collaboration's parameters.