March 4, 2003
The Furukawa Electric Co.,Ltd today announced that it and Furukawa Automotive Parts, Inc have established a new joint venture in Republic of Indonesia, with Permintex Holdings Sdn. Bdh. in December 2002. The new joint venture will start its manufacturing from 21st April 2003.
The new joint venture has been named "P.T. Furukawa Permintex Autoparts Indonesia" and plans to be invested 833 thousands dollars initially, by Furukawa Electric, Furukawa Automotive Parts, and Permintex Holdings, 36%, 24%, and 40% respectively. Located in Cikarang, Bekasi, in the suburb of Jakarta city and will start manufacture wiring harness with approximately 150 employees aiming at 10 million dollars revenue in 2005.
Furukawa Electric had already signed Technical Assistant Agreement to manufacturing wiring harness in Malaysia with Permintex Industries under Permintex Holdings in 1993.
The new joint venture will target Japanese Customers in Indonesia who are expanding automotive business market as 1st automotive products manufacturing footprint in Indonesia.