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Establishment of a joint venture company for low-voltage power distribution and control product businesses.

1 February, 1999

Toshiba Corp.
Schneider Electric Japan Ltd.

Tokyo-Toshiba Corp. and Schneider Electric Japan Ltd. today announced a new joint-venture company for the development, manufacture, sales and service of low-voltage power distribution and control products. The new company, Toshiba Schneider Electric Ltd., will serve the Japanese market with a complete line of key components for low-voltage electrical circuits, including molded-case circuit breakers, contactors and manual power switches. Established on January 29 in Tokyo, the new company will start full-fledged operation in May by merging the businesses of both companies in low-voltage power distribution and industrial control. Its annual sales are expected to reach 10 billion Yens (76 million euro) by the year 2001.

Japan enjoys stable demand for these products in the construction industry and for industrial machinery. In recent years, the market has increasingly demanded not only high quality products, but reliable service support. This demand reflects the trend to local adoption of global standards. Japanese Industrial Standards are incorporating International Electrotechnical Commission (IEC) standards. Japanese exports of industrial machinery are expected to meet the requirements of CE, UL/CSA and other international and regional standards.

The establishment of Toshiba Schneider Electric Ltd. brings together the complementary strengths of both partners. Toshiba provides established manufacturing and sales capabilities and the highly-respected Toshiba name, while Schneider Electric S.A. of France, the parent company of Schneider Electric Japan Ltd., offers a wide range of products and outstanding technologies. The company will sell both Toshiba and Schneider branded products, and will cover virtually the entire field of low-voltage power distribution and control products.

Underpinning the joint-venture is a natural fit between the partners. Toshiba is an acknowledged leader in motors, power electronics and large motor drives, while Schneider enjoys a world-class presence as a major manufacturer of switches and protection devices for motor circuits, safety devices, command switches and other low-voltage power control products. Toshiba Schneider Electric Ltd. will bring powerful technology-development capabilities to bear on products that anticipate the trend toward global standards. It will also provide the high-quality products and in-depth after-sales service the market increasingly demands.

Toshiba and Schneider are long-standing partners in low-voltage power distribution and control products, having operated an Indonesian joint-venture to manufacture contactors since 1993. A Japanese joint-venture was set up in 1998 to develop inverters. The establishment of Toshiba Schneider Electric Ltd. signals a further deepening of this relationship.

Outline of the new company

Company name: Toshiba Schneider Electric Ltd.
President: Alain Rouquet
(current President of Schneider Electric Japan Ltd.)
Paid-in capital: ¥480 million
Investment ratio: Toshiba:Schneider 40:60
Established: January 29, 1999
Head office: 4-14-4 Sendagaya, Shibuya-ku, Tokyo
Branch/sales office: Branch offices :Osaka, Nagoya
Sales offices : Sendai, Fukuoka
Factory and logistics center: Mie Prefecture (within Toshiba Corp. Mie Works)
Main products: Molded-case circuit breakers, earth leakage, circuit breakers, contactors, manual power, switches, safety devices, pilot lights, low-voltage transformers on international standards, enclosures, etc.

Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.

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