KARIYA, Japan – DENSO Corp. has reached an agreement with Doowon Climate Control Co., Ltd., the second-largest car air conditioning system manufacturer in South Korea, to dissolve their capital alliance.
“Since October 2002, DENSO has held a 33.4 percent stake in Doowon Climate Control,” said Nobuaki Katoh, senior managing director responsible for Corporate Center and the Thermal Systems Business Group of DENSO. “However, due to significant changes in the business environment for the two companies over the past five years, we decided to end the capital partnership.”
Doowon Climate Control, located in South Korea, was established in 1989. The company has 468 employees and had sales of about $411 million in fiscal 2006.
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