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KELSEY-HAYES SIGNS JOINT VENTURE AGREEMENT WITH TOPY INDUSTRIES FOR DEVELOPMENT AND SALES OF 4-WHEEL ABS IN JAPAN

 TOKYO, July 7 /PRNewswire/ -- Kelsey-Hayes Company and Topy Industries, Limited signed a joint venture agreement for the formation of a company to develop customer applications, sell and distribute 4-wheel anti-lock brake systems (ABS) in Japan and selected Asian markets. The announcement was made at the formal signing ceremony in Tokyo by Ed Gulda, group president, Worldwide ABS and Controls of Kelsey-Hayes, and Shoichiro Kodama, executive vice president of Topy Industries.
 The joint venture company will be named Topy/Kelsey-Hayes, Limited, and be owned 50 percent by Topy and 50 percent by Kelsey-Hayes. The joint venture is exclusively licensed in Japan and certain other countries to sell Kelsey-Hayes' latest EBC 10(TM) family of ABS and traction control products and adapt ABS for use on vehicles manufactured in those countries. The joint venture will have a technical center in Toyahashi to support vehicle development.
 Gulda noted, "This joint venture represents a major step forward in the Japanese market. We have had good relationships with many Japanese customers for our rear-wheel ABS -- including Nissan, Mazda, Isuzu and Suzuki. But with Topy, a strong well-respected independent automotive supplier as a partner, we are well-positioned to expand in Japan with our new generation of 4-wheel ABS technology."
 The Kelsey-Hayes Worldwide ABS and Controls Group is one of the world's leading manufacturers of ABS for the automotive and light truck market. The Kelsey-Hayes Group is a major supplier of conventional brakes, anti-lock brake systems and other control devices to the automotive industry worldwide. Hayes Wheels International (NYSE: HAY) , the world's largest manufacturer of steel and aluminum wheels, is an affiliate of Kelsey-Hayes. Kelsey-Hayes is a business of Varity Corporation (NYSE: VAT).
 -0- 7/7/93
 /CONTACT: Jill Lucius, 313-567-5022, or Tony Petrucci, 313-567-5007, borh of Anthony M. Franco, Inc., for Kelsey-Hayes/
 (VAT HAY)


CO: Kelsey-Hayes Company; Topy Industries, Limited ST: IN: AUT SU: JVN

SB -- DE009 -- 9008 07/07/93 10:34 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
Words:318
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