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Denso to establish new Spanish unit for car air conditioners.

TOKYO, Dec. 9 Kyodo

Denso Corp., an auto parts maker affiliated with Toyota Motor Corp., said Tuesday it will establish a new company in Spain later this month to produce car air conditioners.

The new firm, Denso Sistemas Termicos Espana S.A., will be located in the northwestern city of Vigo as a wholly owned unit of Italian-based Denso Thermal Systems SpA with a start-up capital of 2 billion yen.

The total investment in establishing the company, which is due to become operational in April 2006, is about 2.5 billion yen.

Denso said it will be the company's ninth European production base for car air conditioners and radiators under its strategy of expanding sales to European automakers.

Denso expects the European market for car air conditioners to expand to 15 million vehicles in fiscal 2005 from fiscal 2002's 11 million vehicles.

Denso has set an annual sales target of 12 billion yen by 2010 for the new Spanish unit.
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Publication:Japan Transportation Scan
Geographic Code:4EUIT
Date:Dec 15, 2003
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