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DENSO Subsidiary to Control Most Corporate Accounting Functions

20 July 2000

DENSO Subsidiary to Control Most Corporate Accounting Functions

    SOUTHFIELD, Mich., July 20 Japan-based DENSO Corporation,
parent company of DENSO International America, Inc., has announced that most
of its domestic accounting operations have been placed, as of July 1, 2000,
under the control of DENSO Finance and Accounting Center, Co., Ltd.
    This wholly owned DENSO subsidiary, established in June, 1987 as DACS Co.,
Ltd., in Kariya, Aichi, Japan, was renamed after transfer operations were
finalized.  The company employs 71 people.
    In accordance with the subcontract agreement, most of DENSO's accounting
and financial affairs, including consignment of accounting operations,
diagnosis and counsel on accounting matters, have been placed under the
control of the new company.
    Only limited areas -- such as devising strategies and auditing - have been
left to DENSO Corporation, according to Masatoshi Ano, concurrently director
of DENSO Corporation and president of the new subsidiary.  Earlier in his
career, Ano served as executive vice president of DENSO International America
for six years.
    Ano said, "The new company will function as an accounting firm that
contributes to the DENSO group by enhancing its efficiency and raising its
level of expertise.  DENSO will endeavor to increase the group's
competitiveness as a whole by working to standardize the accounting systems of
all companies in the group, and by integrating all accounting functions within
the new company.  DENSO's intention is to further pursue the agility of all
business operations."
    DENSO's North American headquarters, DENSO International America in
Southfield, Mich., "is continuing to review its financial operations as well,"
said Chief Financial Officer Kyu Kato.  "Our goal also is to standardize North
American financial systems to improve efficiency and effectiveness."
    DENSO Corporation of Karyia, Aichi, Japan, employs 81,000 people in 26
countries.  Consolidated global sales for the fiscal year ending March 31,
2000 totaled $17.8 billion.
    In North America, DENSO employs 13,000 people at 21 companies, with 1999
consolidated sales of $3.6 billion.