TOKYO (July 23, 2001)--NISSHO IWAI AEROSPACE CORP. and NIMAC CORPORATION, wholly owned subsidiaries of Nissho Iwai Corporation, will merge September 1, 2001, and will start operations as NIASCO CORPORATION, a machinery trading company. 

Established in 1975, NISSHO IWAI AEROSPACE CORP. mainly carries out the import-export and domestic sales of space, aircraft and defense-related machinery, parts, materials, equipment and various systems. NIMAC CORPORATION, established in 1974, has a core business of marine machinery/apparatus, and performs import-export and domestic sales of various general-purpose machines/apparatus, such as car gears and industrial reduction gears. Both companies have over 25 years of company history, retain top-notch superior commercial rights and sales forces in the aerospace and marine apparatus industrial fields, in which Nissho Iwai is proud of its history and traditional associations, and continue to show steady achievement. 

NIASCO CORPORATION will be a merger of companies with different domain identities; the aircraft industry and the shipbuilding industry. Since many major heavy industry manufacturers deal with both the aircraft and shipbuilding industries, and customers are common to both fields, the suggestive style of business form resulting from the synergistic and mutually complementary effects of this merger will enable the targeting of an expansion in products handled and sales in the field. In addition, the fundamental business form of sales of apparatus based on accumulated expert knowledge and high quality services is common to both companies. NIASCO CORPORATION will aim at increasing enterprise value by establishing a firm sales foundation through the strengthening of its sales force, and the development of new business focusing on advanced technologies and management efficiency. 
NIASCO CORPORATION, which aims at management with a perspective of IPO in the near future, will aim to achieve sales of 200 billion yen. 

NISSHO IWAI, in executing its "Medium-term Management Plan - 2002", is performing integration of affiliated companies that will generate synergy in order to further strengthen consolidated management. This merger will be implemented as a part of such actions. 


NIASCO CORPORATION,

will be Established: 
September 2001
Address:
2-17-22 Akasaka, Minato-ku, Tokyo JAPAN
Capital:
561.8 million yen 
Representatives:
President - Hideaki Tsujino (President/NISSHO IWAI AEROSPACE CORP.) 
Vice President - Mikio Segawa (President/NIMAC CORPORATION) 
Sales:
166.5 billion yen (March 2001) 
Number of Employees: 
194


NISSHO IWAI AEROSPACE CORP.,

Established:
April 1975
Address:
2-17-22 Akasaka, Minato-ku, Tokyo, JAPAN
Capital:
410 million yen 
Sales:
117.5 billion yen (March 2001) 
Number of Employees: 
127

NIMAC CORPORATION,

Established:
February 1974
Address: 
2-3-4 Akasaka, Minato-ku, Tokyo, JAPAN
Capital:
460 million yen 
Sales:
49 billion yen (March 2001) 
Number of Employees: 
67