Tokyo - DENSO Corporation (DENSO) and Metair Investments Limited (METAIR) have agreed today that DENSO will purchase 25 percent of the shares in Smiths Manufacturing (Pty) Ltd (SMITHS) from METAIR, the holding company for SMITHS. DENSO and SMITHS will work together to enhance competitiveness and manufacturing capabilities. The effective date of the investment is dependant on the approval by the relevant authorities.

SMITHS is the largest automotive air conditioner company in the Republic of South Africa (RSA).

DENSO has been involved in the RSA's automotive air conditioner market since 1982, when it entered into a technical assistance agreement for automotive air conditioners with SMITHS*. DENSO continues to provide technical assistance to SMITHS on automotive air conditioners, heaters, radiators and electric fans.

This investment will allow DENSO to expand its business foundation in the RSA and SMITHS to expand its technical expertise.

"Approximately 400,000 vehicles were manufactured in the RSA in 2004, and this market is expected to continue growing as a vehicle export base," said Satoshi Watanabe, senior managing director in charge of DENSO's Thermal Systems Group.

DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Its customers include all the world's major carmakers. Worldwide, the company employs 95,000 people in 31 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2004 totaled US$24.2 billion. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges. For more information, go to www.globaldenso.com

*DENSO's 1982 technical assistance agreement was with Dunair. In 1986, Dunair was purchased by METAIR and combined with SMITHS.

Corporate profile of SMITHS:

Corporate profile of METAIR:

** Exchange rates used are 105 yen per one dollar and 5.8 rand per one dollar at the end of February 2005.