DENSO to Repurchase Up to 40,000,000 Common Stocks

TOKYO, May 10 -- DENSO Corporation today announced that it will repurchase its own common stocks, up to 40,000,000 shares or up to 100 billion yen, after it obtains approval from shareholders at the 79th Annual Meeting of Shareholders on June 27, 2002.

"DENSO's Board of Directors decided to repurchase the stock in order to improve capital efficiency and raise return on equity," said Masatoshi Ano, managing director responsible for DENSO finance.

The stock repurchase, which is in accordance with Article 210 of Japan's Commercial Code, will be valid after authorization at the 79th meeting until the closing of the 80th meeting. Share repurchases after the shareholders meeting's authorization may be made from time to time during the authorized time period.

The number of shares to be repurchased, up to 40,000,000 shares, is 4.6 percent of DENSO's total outstanding share as of March 31, 2002, 865,686,030 shares.

For the fiscal year ended March 31, 2002, DENSO repurchased its own stocks of 48,000,000 with 84,894 million yen.

DENSO common stock is traded on Tokyo, Osaka and Nagoya stock exchanges in Japan.

DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Worldwide, the company employs 87,000 people in 30 countries and regions, including Japan. Consolidated global sales for the year ended March 31, 2002 totaled US$18.1 billion. In North America, DENSO employs 14,000 people at 23 locations.