Four Chambers of Commerce Gather to Welcome New Multinational Railcar Manufacturer to Region; Business Leaders Back Revival by UTS of Rail Car Building Legacy in Philadelphia Region.

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PHILADELPHIA--(BUSINESS WIRE)--April 29, 2004

Leaders from the region's four major chambers of commerce welcomed the arrival of United Transit Systems (UTS), to Greater Philadelphia. The gathering was hosted by the Greater Philadelphia Chamber of Commerce with the participation of the African American Chamber of Commerce, Philadelphia Hispanic Chamber of Commerce, and Asian American Chamber of Commerce.

UTS, established by Rotem USA Corporation of South Korea and Japan's Sojitz Corporation of America (SCA), will open its North American corporate headquarters and production facility later this year at the Philadelphia Naval Business Center. UTS's facility will assemble railcars for shipment nationally and internationally, thus helping to reanimate an industry once prominent in Philadelphia as well as to re-establish the region as a corporate headquarters. The UTS consortium has over 90 years combined experience in building and financing rail cars for transit systems worldwide. A recent study by Econsult estimated that the positive economic impact of UTS's move to the region could be $250 million.

The four chambers of commerce represent a diverse workforce of thousands of companies in southeastern Pennsylvania. Present at the presentation were Dong-Hyun Choi, Rotem USA Corporation, and Hats Kageyama, Sojitz Corporation of America, representing UTS; former Governor Mark Schweiker, Greater Philadelphia Chamber of Commerce; A. Bruce Crawley, Anthony Fullard, and Jacqueline Hill of the African American Chamber of Commerce of Pennsylvania, New Jersey, and Delaware; Benjamin Ramos, Philadelphia Hispanic Chamber of Commerce; and Josephine Wang, Asian American Chamber of Commerce.

GPCC head Mark Schweiker is pleased that UTS has chosen to select Greater Philadelphia. "We welcome United Transit Systems to Greater Philadelphia to continue the tradition of rail car production. We expect that they will contribute much to the region's economy for years to come."

UTS has leased Building 603 at the Naval Business Center for its rail car assembly, fit-out, and testing facility. Greater Philadelphia has a great rail car history: Edward G. Budd Manufacturing Company made trains there known around the world for both their superior engineering and style during the period from 1930 through the 1980s. (Even Philippe Paul Cret, designer of the Benjamin Franklin Parkway and Rittenhouse Square, created a rail car design for the Budd Co.)

UTS also will make Philadelphia its U.S. administrative headquarters.

"For us, UTS's commitment to job creation and diversity - in both employment and procurement - is especially appealing," said Crawley. "This is a world-class company with inclusive, world-class values."

A majority partner in UTS is Rotem USA Corporation, a South Korean manufacturer with over 40 years' industry experience. Its most recent joint venture with Mitsubishi Electric delivered rail cars for Hong Kong's Mass Transit Railway Corporation, for which it earned a bonus for completing the project on budget and ahead of schedule as well as for satisfying MTR's stringent quality standards.

UTS's project manager, SCA, a concern recently created through the merger of Nissho Iwai American Corporation and Nichimen America, Inc., has long experience with U.S. companies, including an 18-year relationship with Kawasaki Co., New York City's MTA, and Boeing Commercial Aircraft.

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