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| Murakami Corporation and Tokai Rika Agree to Cooperate on Automotive Mirror Operations |
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Aichi, Japan, August 28, 2003 -Murakami Corporation and Tokai Rika Co., Ltd., jointly announced today the conclusion of a memorandum of understanding to collaborate in the development, design, production, and sales of automotive mirrors. Following a series of discussions on cooperation between the two companies, the basic agreement that was reached represents both companies' strong commitment to becoming the top-level automotive mirror suppliers for the global market. Areas of collaboration will now extend geographically not only throughout Japan but worldwide.
Murakami and Tokai Rika reached agreement on the following responsibilities for joint development, production, and sales:
Product development, design, and evaluation
Both companies will jointly develop future products based on cooperative studies on market trends and technologies.
Product development projects of various themes will be discussed between the two companies, one of which, depending on the project, will be designated as the lead company that will put the project in motion.
Production
Both companies will keep current production systems and capacities for the time being. Should both companies recognize the benefits of concentrating production of a part, parts, or a product in one company's facilities, production will be shifted to that optimal site.
The overseas production facilities of Murakami will be utilized for immediate joint projects. Tokai Rika's overseas production bases will be evaluated in the future.
Sales
Both companies plan to retain their own sales networks and to continue their independent sales efforts in automotive mirrors.
Both companies will discuss global sales strategies and together devise the most effective ways to market on a global basis.
The companies will also establish a Joint Strategy Committee, consisting of senior management officers from both Murakami and Tokai Rika, to further discuss and determine the key specifics of joint activities, and to articulate new strategies.
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TOKAI RIKA CO., LTD.
