Konica Minolta Holdings, Inc.
Minolta Co., Ltd.
August 20, 2003]
Minolta Establishes Procurement Company in Shenzhen, China
Tokyo, Osaka (August 20, 2003) --- Minolta Co., Ltd. (Yoshikatsu Ota, president) of Konica Minolta Group is pleased to announce the establishment of Minolta Consulting (Shenzhen) Company Limited on August 8, 2003. The company was established to provide parts procurement services and design technology support to its image information products manufacturing plant in China.
Minolta has its manufacturing base for image information products in Shilong, China. Based in Hong Kong, Minolta Industries (HK) Limited has been providing parts procurement services to the plant and assistance in import processing in the Shanghai area, from its representative offices of Shenzhen and Shanghai.
Business operations of the representative offices, however, have been limited by Chinese regulations to liaising with local partners and performing market research. Minolta Consulting (Shenzhen) Company was founded because Minolta determined it was necessary to establish a corporate organization in China to strengthen local procurement functions, expand operational areas for technical assistance, and secure/establish a solid foundation for a local technical workforce. The new company will operate as an independently capitalized service organization that primarily provides assistance for parts procurement while Minolta Industries (HK) Limited will continue, as in the past, to handle settlements involved in the procurement.
The new company will start full-scale operations in October 2003. Minolta Co., Ltd. is firmly determined to improve production efficiency, by ensuring that the new business is fully capable in the field of image information products, the companys largest business foothold ? thus further strengthening its financial standing while offering image information products, essential to the field of imaging.
[Overview of the New Company]
|Company Name:||Minolta Consulting (Shenzhen) Company Limited|
|Location:||Shenzhen City, Guangdong Province, China|
|Capitalized by:||Minolta Industries (HK) Limited|
|Capitalized at:||USD $700,000(100% from Minolta Industries (HK) Limited)|
|Establishment:||August 8, 2003|
|Start of Operations:||October, 2003|
|President:||Akira Enomoto (from Minolta Co., Ltd.)|
|Number of Staff:||80 (starting)|
|Main Businesses:||Parts procurement and design technology support for Minolta Industries (HK) Limited|
Cautionary Statement Regarding Forward-Looking Statements:
This press release includes forward-looking statements that reflect the plans and expectations of Konica Minolta Holdings, Inc. To the extent that statements in this press release do not relate to historical or current facts, they constitute forward-looking statements. The forward-looking statements are based on the current assumptions and beliefs of Konica Minolta Holdings, Inc. in light of the information available to it, and involve known and unknown risks and uncertainties. Potential risks and uncertainties include, but are not limited to, the ability of Konica Minolta Holdings, Inc. to integrate the operations of Konica Corporation and Minolta Co., Ltd. effectively, as well as the factors identified under "Forward-Looking Statements" of the Annual Report 2002 of Konica Corporation and "Disclaimer Regarding Forward-Looking Statements" of the Annual Report 2002 of Minolta Co., Ltd. Such risks, uncertainties and other factors may cause the actual results, performance or financial position of Konica Minolta Holdings, Inc. to differ materially from those expressed or implied in the forward-looking statements. Konica Minolta Holdings, Inc. undertakes no obligation to update publicly any forward-looking statements after the date of this press release.