Nissan to Increase Investment in Thailand
JapanCorp: <http://www.japancorp.net/?page_num=1> Nissan to Increase Investment in Thailand Bangkok and Tokyo, Thailand, Apr. 05, 2004 - (JCN Newswire) - Nissan Motor Co., Ltd., and Siam Motors Co., Ltd., today announced that Nissan will raise its stakes in Siam Nissan Automobile Co., Ltd., and Siam Motors & Nissan Co., Ltd., to 75% from 25% in order to position the Nissan brand for strong profitable growth in the ASEAN region. Nissan will pay a total of 7.64 billion baht (about $190 million)* for the additional 50% stakes, bringing the companies under Nissan's management control. Siam Nissan is a manufacturer and distributor of Nissan brand vehicles in Thailand. Siam Motors & Nissan is its assembler. "Thailand offers a great opportunity for Nissan. This market offers both potential for future growth, and an excellent base for us to expand our presence in the ASEAN region. We are encouraged by the proactive strategy taken by the Thai government towards the automotive industry and creating the right environment for investment," said Nissan President and CEO Carlos Ghosn. Ghosn added that the move is an important step in helping Nissan to sustain its profitable growth momentum under its current NISSAN 180 three-year business plan and beyond. Under the NISSAN 180 plan, begun in April 2002, Nissan aims to grow its global sales by 1 million units to 3.6 million units compared with fiscal year 2001. "We are proud of our more than 50 years of partnership with Nissan and for being its first overseas distributor," said Phornthep Phornprapha, president of Siam Motors. "With Nissan's excellent support, the business has grown from distribution to include assembly in 1960 and exports in 1999. As the competitive environment changes, we are happy to join the globalization process by having Nissan as our strategic partner in this win-win strategy." The companies also announced that Kosaku Hosokawa of Nissan has been named president of Siam Nissan. Hosokawa will release a detailed business plan for the company in July 2004. Total industry sales in Thailand amounted to 533,176 units in calendar year 2003, up 30% compared with the previous year and more than double compared with 1999 when sales began to recover from the Asian financial crisis. Siam Nissan has an annual production capacity of 140,000 units. Its main models include the Frontier pickup truck, as well as the Cefiro and the Sunny passenger vehicles. In 2003, the company sold a total of 43,557 vehicles, down 1.8 % from the year earlier. *Amount in dollars is translated for the convenience of the reader only at the rate of 39.5 baht /dollar. About Nissan Motor Co., Ltd. Nissan Motor Co., Ltd. was established in 1933 to manufacture and market the Datsun, a small passenger car, and related automotive components. The company is Japan's second largest automobile manufacturer and the world's fifth, with annual global sales of 2,415,433 vehicles. The company markets a wide range of passenger cars, commercial vans, trucks and buses, parts and components in over one hundred and seventy countries. The company has also expanded its operations to include forklifts, textile machinery and other industrial machinery and equipment. Nissan's affiliation with French automaker Renault in 1999 has helped produce Nissan's best results in a decade. The company has three hundred and forty two consolidated subsidiaries worldwide. Consolidated sales in FY 2000 exceeded $49 billion dollars (Euro 55 billion.)For further information, please visit the Nissan Motor Co., Ltd. home page at: www.nissan.co.jp/EN/ <http://www.nissan.co.jp/EN/> _____ Apr. 05, 2004, 14:25 (JST) Source: Nissan Motor Co., Ltd. Nissan Motor Co., Ltd. www.nissan.co.jp/EN/ <http://www.nissan.co.jp/EN/> From the Japan Corporate News Network www.japancorp.net <http://www.japancorp.net> Topic: Investment Sectors: Auto Manufacturing, Auto General Copyright © 2004 JCN Newswire <http://www.japancorp.net> . A division of Japan Corporate News Network KK. All rights reserved. If you believe you have received this news in error or would like to be removed from our mailing list please respond here <http://www.japancorp.net/unsubscribe.asp> and you will be removed from our mailing list.