DENSO to Repurchase Up to 20 Million Shares of Common Stock

TOKYO, April 25 -- DENSO Corporation, parent company of Southfield, Mich.-based DENSO International America, announced that it will repurchase its own shares of common stock, up to 20 million shares or up to 40 billion yen, after it obtains approval from shareholders at the 80th Annual General Meeting of Shareholders to be held on June 27, 2003.

The company will purchase its stock after obtaining approval from shareholders in accordance with Article 210 of Japan's Commercial Code.

"The purchase of the stock will improve capital efficiency, and increase returns to shareholders. Also, the approval of the shareholders will enable DENSO to adopt timely and flexible capital policy measures from time to time in response to changes in the business environment," said DENSO CFO Masatoshi Ano.

The number of shares to be repurchased, up to 20 million shares, is 2.4 percent of DENSO's total outstanding share as of March 31, 2003, 843 million shares.

For the fiscal year ended March 31, 2003, DENSO repurchased its own stock of 40 million with 76,123 million yen.

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

DENSO CORPORATION, headquartered in Kariya, Aichi prefecture, Japan is a leading global supplier of advanced technology, systems and components. Worldwide, the company employs 90,000 people in 31 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2003 totaled US$19.4 billion (2,332.8 billion yen or 17.9 billion euros).

In the Americas (North, Central and South America), DENSO employs 14,000 people with consolidated sales for the above fiscal year totaling US$4.5 billion.

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