Parent companies of Echo and Shindaiwa form joint holding company

The parent companies of Echo and Shindaiwa plan to form a joint holding company to own and operate the two companies. These parent companies, Kioritz Corporation, Tokyo, Japan, and Shindaiwa Corporation, Hiroshima, Japan, respectively, started a business and shareholder alliance on May 21, 2007.

During the past year, the parent companies formed committees to investigate the benefits and opportunities in forming a holding company, and they were pleased with the results. Some trading of products has already begun and joint development and engineering will start soon. The companies are also cooperating on some operational matters that include purchasing, production, computer systems and logistics.

The joint holding company still needs approval of shareholders at their meeting on June 27. Existing shares of Kioritz and Shindaiwa common stock will be exchanged for shares of the new holding company on or about December 1.

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