Aichi, Japan, February 5, 2004 - Toyoda Gosei Co., Ltd. today announced the establishment of a new subsidiary in China. Toyoda Gosei (Foshan) Rubber Parts Co., Ltd. will be set up in Shunde Industrial Park in Foshan City, Southern China. The new company will produce body sealing components targeting the increasing sales facing Japanese carmakers in the area. The company will create a new stronghold for the TG Group in Southern China for future anticipated expansion in this important market. Toyoda Gosei (60%), Tai-Yue Rubber Industrial (35%), and Toyota Tsusho (5%) are the principal shareholders. The firm was funded with capital of 8.0 million US dollars (approximately 850 million yen) to set up the 10,000 m2manufacturing plant on a 50,000 m2 site for body sealing parts for cars (door weatherstrips, glass runs, opening trim, etc.). Four executives have been appointed to the board of directors. Established in February 2004, the plant is slated to begin operations in November 2004 employing approximately 50 employees. The new company projects it will expand to 200 employees by the year 2007 with sales reaching 1.2 billion yen.
