PRESS RELEASE: No.21 March 27, 2006
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Sumitomo Electric Industries, Ltd. Sumitomo Wiring Systems, Ltd.
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Sumitomo Electric and Sumitomo Wiring Systems announce the acquisition of Volkswagen Bordnetze, the major wiring harness manufacturer in Germany
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Sumitomo Electric Industries, Ltd. (Head office: Osaka City, Osaka Prefecture, Japan; President: Masayoshi Matsumoto; hereinafter referred to as "Sumitomo Electric") and Sumitomo Wiring Systems, Ltd. (Head office: Yokkaichi City, Mie Prefecture, Japan; President: Tadashi Shimokawa; hereinafter referred to as "Sumitomo Wiring Systems") have decided to acquire Volkswagen Bordnetze GmbH (Head office: Wolfsburg, Germany; President: Mr. Joerg Blecker; hereinafter referred to as "VWBN". VWBN is a leading manufacturer of wiring harnesses in Germany. After the completion of the contract to acquire the equity interest in VWBN owned by Volkswagen AG and Siemens VDO Automotive AG, Sumitomo Electric will own 60% of the equity in VWBN, and Sumitomo Wiring Systems will own 40%. The acquisition procedure is scheduled to be completed in the end of March 2006.
The Sumitomo Electric/Sumitomo Wiring Systems group, who is expanding the automotive wiring harness business around the world, supplies automotive wiring harnesses to international car manufacturers. The group presently holds the third place in global share, and is further strengthening its customer base both domestically and internationally, focusing especially on the promotion of business with overseas car manufacturers. By completing the acquisition of VWBN, the Sumitomo Electric/Sumitomo Wiring Systems group is expected to capture 20% of global share (the "Global 20" target) of the automotive wiring harness market. <Outline of VWBN>
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