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| Tokai Rika Sets Up Sales and Marketing Base in Belgium |
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Aichi, Japan, March 24, 2003 - Tokai Rika Co., Ltd. today announced the establishment of its first European sales and marketing base, Tokai Rika Belgium N.V. in February 2003. This wholly owned subsidiary was incorporated last month in Diegem, Belgium, with capital of 300,000 euros, to strengthen the company's commitment to enhancing its supply network and customer service capabilities in Europe. The new Belgium subsidiary gives Tokai Rika a total of 19 sales and manufacturing bases outside Japan, located in 13 countries around the globe.
The establishment of a new sales base in Europe is a crucial part of Tokai Rika's strategy for European sales expansion, and is seen as critical to securing its competitive position as a global automobile parts supplier amidst the current worldwide restructuring of the auto industry. In addition to focusing on product sales and marketing in Europe, Tokai Rika Belgium will engage in sales engineering and customer service activities, to further assist its European clients in implementing optimal procurement policies.
Kiyoshi Kinoshita, Tokai Rika's executive vice president, has assumed the additional position of president of the subsidiary, and Hidehiko Ito, general manager of Tokai Rika Europe Branch, has been appointed its vice president. The new company plans to employ 13 people this year, and 20 by 2005.
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TOKAI RIKA CO., LTD.
