Mitsubishi Motors Corporation


Netherlands Car B.V. to become MMC subsidiary after acquisition of additional shares

Date: April 4, 2001

Mitsubishi Motors Corporation announces that at a Board of Directors meeting held on March 28 a resolution was passed to acquire additional shares in Netherlands Car B.V. and thereby make it a MMC subsidiary.

  1. Purpose of share acquisition

    MMC has reached agreements with DaimlerChrysler to jointly run Netherlands Car B.V. as one of the alliance projects between the two companies. Accordingly, MMC acquired the 50% equity currently held by Volvo Car Corporation.

  2. Netherlands Car B.V. profile

    (1) Trade name: Netherlands Car B.V.
    (2) Representative: Chris Dewulf, President
    (3) Location: Dr. Hub van Doorneweg 1
    6121 RD Born, P.O. Box 150
    6130 AD Sittard, The Netherlands
    (4) Date of establishment: 1 December 1991
    (5) Principal lines of business: Manufacture and sales of passenger cars
    (6) End of fiscal year: December
    (7) Payroll: 6,146 (as of 31 December 1999)
    (8) Principal place of business: Dr. Hub van Doorneweg
    6121 RD Born, P.O. Box 150
    6130 AD Sittard, The Netherlands
    (9) Capitalization: NLG 550,950,000
    (10) Issued shares: 550,950
    (11) Main shareholders and shareholdings:
    Mitsubishi Motors Corporation .... 35.0%
    MMC Investment Europe B.V. .... 15.0%
    Volvo Car Corporation .... 50.0%
    (12) Recent business results (NLG million)
    1999 1998
    Sales 7,138 6,475
    Operating profit 63 93
    Total assets 4,386 4,791

  3. Shares acquired from

    (1) Trade name: Volvo Car Corporation
    (2) Representative: Hans-Olov Olsson, President & CEO
    (3) Location: SE-405 08 Goteburg, Sweden
    (4) Principal lines of business: Manufacture and sales of automobiles
    (5) Relationship with MMC: Joint production of passenger cars at Netherlands Car B.V.

  4. Share details

    (1) MMC holding before transfer: 192,833 shares (35% of issued share total)
    (2) Number of shares acquired: 275, 475 shares (acquisition cost: NLG 330,000,000)
    (3) MMC holding after transfer: 468,308 shares (85% of issued share total)

  5. Share transfer schedule

    28 March 2001 Resolution passed at Board of Directors meeting
    30 March 2001 Payment for shares to be made

  6. Outlook

    Netherlands Car B.V. currently produces Mitsubishi Carisma and Space Star models, and Volvo S40 and V40 models. From 2004, the plant is due to start production of the Z-Car global strategic compact model that will be marketed under the Mitsubishi and Smart Car badges and will be a mainstay product in the MMC and DaimlerChrysler alliance.