Sept.24, 2002

Minebea Co., Ltd.

Matsushita and Minebea Agree on Joint Product Development and Consignment Production of DC Axial Flow Box Fan Motors

Minebea Co., Ltd. ("Minebea") and Matsushita Electrical Industrial Co., Ltd. ("Matsushita") today announced the following with regard to agreement to commence joint product development and consignment production of DC axial flow box fan motors:

1.Outline of Joint Product Development and Consignment Production


DC axial flow box fan motors ("fan motors")

2)Operational structure

Development : Two companies will combine the respective proprietary technologies and jointly develop products. The joint development will be conducted at Minebea's Karuizawa Plant.
Production : Jointly developed products and products to be consigned to Minebea by Matsushita will be produced at the Xicen Factory of Minebea Electronics & Hi-Tech Components (Shanghai) Ltd., Minebea's subsidiary in China.
Sales : Of fan motors to be jointly developed, it is intended that, Minebea will sell those with ball bearings, while Matsushita will sell those with hydro-wave bearings (Matsushita's unique fluid-dynamic bearings) and those with high reliability sleeve bearings, under their own brand names, respectively, as in the past.
Matsushita will sell the products to be consigned to Minebea under its own brand.

3)Start of production

Production is scheduled to start in February 2003.

4)Sales targets

Minebea and Matsushita aim to sell jointly-developed products as follows:

Minebea: Fiscal Year ending March 2004 0.5 million units/month
Fiscal Year ending March 2006 4.0 million units/month
Matsushita: Fiscal Year ending March 2004 0.5 million units/month
Fiscal Year ending March 2006 4.0 million units/month

2.Purpose of Joint Development and Consignment Production

This alliance enables the companies to develop, manufacture and sell rapidly and in a timely manner, fan motors with high-performance and cost-competitiveness through combining the cutting-edge product development technologies of Matsushita's Motor Company division with Minebea's ultra precision machining, mass production technologies and cost-competitiveness, and further expand, and increase profitability of their fan motor businesses.
The fan-motor market demands more compact, higher power, quieter and lower priced products, and expansion of the fan-motor market is anticipated in sectors such as information & telecommunications equipment and digital home appliances, as well as the current PC market.

* About Minebea
Minebea is a comprehensive manufacturer and supplier of high precision components such as ball bearings and precision small motors for use in information & telecommunications equipment including primarily PCs, household electrical appliances, aircraft, and automobiles. As of March 31, 2002, the Minebea Group encompassed 32 plants and 52 sales offices and employs a total of 43,729 persons in 14 countries. Facilities in Thailand form the largest production base of the Group, which is responsible for most of its mainstay products and produces about 60% of Group's total output. Based in Nagano, Japan, the Company reported consolidated sales of US$2.10 billion for the fiscal year ended March 31, 2002. Minebea's shares are listed on stock changes in Tokyo (6479), Osaka, Nagoya and Singapore. Further information is available at http://www.minebea.co.jp/
* About Matsushita Electric Industrial
Matsushita Electric Industrial Co., Ltd., best known for its Panasonic, National, Technics, and Quasar brands, is a worldwide leader in the development and manufacture of electronics products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company reported consolidated sales of US$51.70 billion for the fiscal year ended March 31, 2002. In addition to stock exchanges in Tokyo (6752) and elsewhere in Japan, Matsushita's shares are listed on the Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC), Pacific, and Paris stock exchanges. The Motor Company, a division company of Matsushita, engages in a wide range of motor business, supplying products from the industrial sector to the information equipment sector. Additional information is available at http://www.panasonic.co.jp/global/top.htmlOpen in a new window.

For further information and inquiries, please contact:

Yasuaki Miyahara
Corporate Communications Office
Corporate Planning Department
Tel: 03-5343-8637
E-mail : ymiyahar@minebea.co.jp
URL : http://www.minebea.co.jp/
Minebea Co., Ltd.

Information in the press releases is current on the date of the announcement.
Product information, contact and other context are subject to change without prior notice.

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