DENSO Completes Acquisition of Magneti Marelli Thermal Systems Unit

    SOUTHFIELD, Mich., April 2 DENSO International America's
parent company -- Japan-based DENSO Corporation -- as of March 30, completed
its acquisition of Magneti Marelli Climatizzazione S.p.A. (MMCL), the thermal
systems unit of Magneti Marelli S.p.A., an Italian supplier of automotive
components.

    DENSO decided to acquire the Italian supplier's automotive air
conditioners unit based on its projections of expanded business of the
products in Europe, particularly in compact cars.

    Since DENSO acquired the exclusive right to negotiate for the purchase of
the unit on November 27, 2000, it has undergone detailed talks with MMCL and
due diligence.  DENSO has had a joint venture agreement with Magneti Marelli
in the air conditioner business since 1990.

    The name of the new company has yet to be decided.

    MMCL is a European leader in the development and manufacture of automotive
air conditioners and radiators, with production facilities in Italy, Poland,
Portugal, Argentina, Brazil and India.  In Europe, MMCL currently sells these
products to leading car manufacturers including Fiat, Peugeot, and Renault.
The company owns approximately a 10 percent share of the European car air
conditioner market, ranking fourth behind Valeo, Behr and Visteon.

    DENSO has maintained the top position in the world's automotive air
conditioner market since 1990.  In 1999, the company owned a market share of
about 22 percent.

    "The acquisition of MMCL consolidates our position in the European
marketplace, making DENSO Europe's premier manufacturer of air conditioning
systems," said DENSO President and CEO Hiromu Okabe.  "DENSO ranks third in
the European car air conditioner market with a share of 18 percent."