Teikoku Piston Ring to Establish New Engineering Joint Venture in China

Tokyo January 14, 2005; JCNN reported that Teikoku Piston Ring has announced that is has received approval to establish a new joint venture from the government of the province of Anqing, China.

Capitalized at $3 million, Anqing ATGE Engineering (ATGE) will be owned 45% by TPR, 40% by local ventures, and 25% by Federal-Mogul of the US. ATGE will not only manufacture engine parts and tools but also provide Chinese makers with repair and maintenance services. The new company will also export products to Japan and other countries.

TPR has already a production base in the same province for parts including piston rings and valve sheets. ATGE is expected to help TPR lower production costs and expand production capacities to meet needs of local automakers.

TPR will shift production to ATGE in May.