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Press Release 2002
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Tokyo, Japan -
October 2, 2002 Ando Electric Co., Ltd. Takes on a New Role as Yokogawa’s Communications Measuring Instruments Specialist Yokogawa Electric Corporation (Yokogawa) announced that it acquired all the stocks of Ando Electric Co., Ltd. (Ando) through a stock swap as of October 1, 2002. This will mark the start of a new role for Ando as the Yokogawa Group's specialist in communications measuring instruments. Yokogawa has welcomed Ando as a new Group member, anticipating that integrating and reorganizing both companies' businesses will lead to 'producing new testing solutions with amalgamated technologies, thereby increasing customer value'. To attain this goal, both companies will integrate and reorganize their resources in the semiconductor tester and communications measuring instruments businesses, aiming to become one of the three leading manufacturers in the global test and measurement market. Now that this new amalgamation has been realized, the Yokogawa Group will make every effort to strengthen and expand its measuring instruments business, including the semiconductor test solutions and communications measuring instruments businesses in order to achieve projected consolidated sales of 200 billion yen for fiscal 2005.
Outline of Ando's Organization as of October 1, 2002 Directors, Auditors and Officer Board of Directors Joichi Ueba Chairman of the Board Masao Motohashi President
Shirou Watanabe
Haruki Kobayashi Associate Senior Vice President Hiroyuki Hasegawa Associate Senior Vice President, General Manager of Telecomm Sales Division Shuhei Sakuno Associate Senior Vice President, Senior Manager of Corporate Planning Department
Ando's production and services business will be transferred to Yokogawa as of November 1, 2002. This will enable the Group to offer customers even more satisfactory products and services.
The Yokogawa Group introduced its new corporate strategies on January 14, 2000, in which it vowed to focus on the measuring instruments business, and to reform business structure, thereby accelerating expansion of the businesses of the entire Group. Meanwhile, Ando had been considering the merits of a possible alliance with another company as part of its strategies to further reinforce and develop its business foundation. Against this backdrop, Yokogawa and Ando concluded an alliance contract on January 31, 2001, aimed at reinforcing and expanding their businesses across the board by sharing business strategies and resources. Synchronized with this business alliance, Yokogawa bought 33 percent of Ando’s released stocks from NEC Corporation. The alliance has been steadily bearing fruit since then. The two companies have been leveraging their mutual strong points and sharing resources to develop new products, such as the release of jointly developed measuring instruments for 40-Gbps communication, and to broaden their business horizons. Ando has successfully reduced production costs by adopting Yokogawa's order-basis production system and electronic part procurement functions which serve to effectively eliminate excess inventories. To make the most of these results and to continue to expand the Group businesses, Yokogawa and Ando agreed in May 2002 to make Ando a 100 percent owned Group company and to integrate their businesses through business transfers as of October 1, 2002, with the aim of achieving increased flexibility in the operations of both companies.
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