Tokyo, Japan, October 10, 2006 - NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President and CEO: Seiichi Asaka) announced today that it would build a steering systems plant in Dyersburg, Tennessee, USA as one of NSK''s steering system production sites. NSK has taken this decision in response to an increase in production by Japanese automakers in the US, as well as to expand sales to Western automotive manufacturers with a view to expanding its steering business in this area by enhancing the capability of its production structure.
In 1988, NSK Steering systems America, INC, a subsidiary of NSK Ltd. was established in Bennington, Vermont, USA, for the manufacture and sale of steering systems. Owing to its sale of steering columns to automakers in North America, the company has continued to enjoy growth, and having manufactured a total of 2.6 million units in 2005, the company now has the largest market share in North America as an independent steering column manufacturer.
Operations at the new plant are scheduled to start at the beginning of 2008, which will enable NSK to support automakers in expanding their businesses in the southern part of the United States. NSK will also enhance its capability to manufacture electric power steering (EPS) systems in order to meet advance orders from Japanese manufacturers. This plant is expected to act as a driving force that will enable NSK to achieve the target set in NSK's mid-term plan of reaching sales in automotive components of 202 billion yen (for fiscal 2008).