-- Tokai Rubber Industries Ltd. said Thursday it will contribute to setting up a joint venture in Thailand in May to manufacture hoses for automobiles.
The new company, tentatively named Inoac Tokai (Thailand) Co., will be capitalized at 45 million Thai baht (120 million yen), Tokai Rubber said.
Tokai will hold a 34 percent share, while Inoac Corp. and its affiliates will have a 40 percent stake and a Thai investor will own a 26 percent share.
The company will manufacture fuel hoses and other types of automobile hoses using local facilities and staff. It will employ 180 people in 2002, with sales of 1 billion yen.