Bangkok--Apr 29--Ogilvy Public Relations Worldwide In response to the locally growing automotive industry and the Thai government’s policy promoting Thailand as the “Detroit of Asia”, the Summit Harness entered into a joint venture agreement with Mitsubishi Cable Industry and Ryosei Electro Circuit System to set up “MCI-TSH” as an international standard manufacturing base for wiring harness for automobiles and motorcycles. Thai Summit Harness, or TSH, is the third largest supplier of automobile and motorcycle wiring harness in Thailand with over 20 years of experience. TSH decided to set up a joint venture with the two companies to enhance its strengths in marketing and technology. The firm has a strong belief that the business expansion will play a part in pushing Thailand as the regional automotive hub. The newly established firm is a result of a change in the organization structure of MCI Mould Co., Ltd., in which Mitsubishi Cable Industry Co., Ltd (MCI) earlier held 43.5% stake and Ryosei Electro Circuit System Co., Ltd (RECS) previously owned 56.5% equity. In this Bt185 million agreement to set up “MCI-TSH Co., Ltd”, MCI and RECS owns 25.5% each and TSH has 49% equity. MSI is a leader in electric wire and cable industry, manufacturing electric components for automobiles, fine magnet wires, specialty fibers as well as communication electronic parts and automobile wiring harness. Incorporated in Japan, RECS is a leading expert in electro-systems and 75% owned by MCI. Mr. Hiroshi Akamoto, President and Chief Executive Officer of Mitsubishi Cable Industry Co., Ltd., said that Thailand’s automotive industry continues to expand and the development for Thailand to be the “Detroit of Asia” is still the ultimate goal. He is delighted to have played a part in strengthening the potential of Thailand’s automotive industry and feels honored that Thai Summit Harness trusted the company and chose it as a partner in this promising joint venture. Mr. Saroge Vasuvanich, Vice President & Chief Operating Officer of Thai Summit Harness Co., Ltd, noted that, “The joint venture is a great expansion of Thai Summit Harness business and will accommodate the growing automotive industry. It will help us to materialize our goal to promote the country as the regional automotive hub.” Mr. Saroge is confident in the total wiring system design technologies of MCI and RECS as well as the strength of TSH as a wiring harness manufacturing base. He believes the new joint venture will provide integrated services and be able to cater to all the local consumer needs. The new company will help lead Thailand’s automobile cable and wiring harness industry to the next era. The company expects to generate Bt 300 million income in the first year. In the first three years, annual growth rate is forecasted to be 30%. After that, the rate will be at approximately 15% per annum. Currently, the company is conducting feasibility of a new project related to manufacturing and reexporting the wiring harness back to Japan. The new project is expected to generate Bt960 million sales per year, starting from 2006. The new joint venture does not only manufacture and sell the automobile wiring harness and related components. It also features an R&D Technical Center to oversee the development and the design of the total wiring system. Normally, the process of manufacturing products for Japanese firms requires TSH to send samples to Japan for quality assessment and R&D. However, with the R&D expertise of RECS as one of the partner in the joint venture, the process can be omitted. About Thai Summit Group Thai Summit Group is a Thai conglomerate of over 30 subsidiaries with more than 13,000 employees that specializes in the part manufacturers for automotive, motorcycle, electrical appliance and agricultural engine industries. The group has operations located in Thailand, Malaysia and India. Furthermore, the group has diversified into hotel and golf business. Net revenue is approximately US$ 550 million in 2004, and US$660 revenue is expected in 2005. Issued on behalf of: Thai Summit Harness Co., Ltd. For more information: Ruanrudee Taweepol ([email protected]) Pangkwan Khemavijanurat ([email protected]) Ogilvy Public Relations Worldwide Tel. 0 2205 6620 and 02205 6617 End.