DENSO Acquires 33.4 percent of Doowon Climate Control

TOKYO, Nov. 4 -- DENSO Corporation signed an agreement to acquire 33.4 percent of Doowon Climate Control Co., Ltd., in Korea on Oct. 30, 2002. The acquisition enables DENSO to establish climate control business in Korea and for Doowon to enhance its design and production engineering technologies of climate control. Currently, Doowon holds 20 percent of the Korean domestic climate control market share and is the second largest manufacturer in Korea. Doowon customers include Hyundai Motor Company and KIA Motors Corp. "Since Korea is the fifth largest car production country in the world with 2.95 million vehicles produced in 2001," said Hiroshi Uchiyama, senior managing director of DENSO Corporation and head of DENSO Sales Group. "It is essential that DENSO gain a presence in the Korean market." Uchiyama continued, "The growth of the Korean auto market is expected to continue and it is projected that the car air conditioner market will expand and parallel the increasing installation rate and demand." 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 31 countries and regions. Consolidated global sales for the year ended March 31, 2002 totaled 2,401.1 billion yen (US$18.1 billion). DENSO common stock is traded on Tokyo, Osaka and Nagoya stock exchanges in Japan. In North America, DENSO employs 14,000 at 25 companies with consolidated sales of US$4.7 billion for the same fiscal year.

Note: The figures ended for the year March 31, 2002 include the effect of an irregular 15-month reporting period, due to 45 overseas subsidiaries and overseas affiliates deciding to change their year end to March 31 from December 31.

Doowon Climate Control Co., Ltd. Company Profile:

* Company name: Doowon Climate Control Co., Ltd. * Established: January 1989 * Location: Asan-si, Chungcheongnam-do, Korea * Capital (with DENSO participation): 12 billion won (approximately US $9.6 million) * Ownership: DENSO Corporation 33.4 percent Chairman and family 66.6 percent * Officers: Kim Chan Doo (Chairman) Sung Ki Chun (President) * Product lines: Manufacture and sales of car air conditioners * Employees: 332 (As of June 2002) * Sales: 231.5 billion won (US $185.2 million) in 2001