NSK Construct New Manufacturing Facility In Kanagawa Prefecture

NSK Construct New Manufacturing Facility In Kanagawa Prefecture NSK Ltd. (TSE 6471, Seiichi Asaka ¨C President) announced that the company will be constructing a new manufacturing facility in Fujisawa City, Kanagawa Prefecture. The new manufacturing facility is part of the company¡¯s mid-term plan to reinforce its market presence in the this market segment and will be producing bearings for industrial machinery applications, such as steel equipment, machine tools, construction equipment, aircraft, robots and wind generator. Once completed, this facility is expected to increase the manufacturing volume from the current level of ¥60 billion to ¥80 billion in two years. General summary of the new manufacturing facility The year will mark the 90th anniversary of NSK Ltd. and the Fujisawa Plant has been the major production base throughout these 90 years. The new facility will be located in the Kirihara industrial area of Fujisawa City in Kanagawa Prefecture and will build on the experience of the Fujisawa Plant, the engineering expertise of the NSK Corporate Research & Development Center and the human resources of the prefecture. NSK Ltd. has plans to invest about ¥11.3 billion on a facility with an area of 15,000 square meters and will employ over 100 employees. Subsidies for investing in Kanagawa Prefecture (¡°Invest Kanagawa¡±) NSK Ltd. will apply for investment subsidies available in Kanagawa Prefecture, in particular the ¡°Facilities Grant System¡±, a facility development subsidy program. NSK submitted this application to Fujisawa-City on August 3, 2006 and at a later date, will further file an application for relief of real estate acquisition tax and corporate income tax. Details of the new facility Location Kirihara cho 12-banchi, Fujisawa City, Kanagawa Prefecture Start of Construction October 2006 Completion December 2007 Start of Production January 2008 (Scheduled) Square Area Approximately 15,000 square meters Total Area Approximately 16,175 square meters Purpose Manufacture of bearings Investment Approximately ¥11.3 billion