3. 100% DENSO equity

(1) The Expansion of DENSO's Stake in South Korea

DENSO has participated in the South Korean automobile products industry as a joint venture since the establishment of POONGSUNG Electric in 1976. In order to overcome the liquidity crisis and increase the competitiveness of automobile products during the currency crisis between 1997 and 2001, POONGSUNG Electric at that time implemented a business separation.
The Automobile Products Business Division was cut off, and the DENSO Group invested capital in the corporation.

DENSO began enlarging its business domain in South Korea in earnest in 2000. POONGSUNG Electric Co., Ltd. changed its name to DENSO PS Corporation, and POONGSUNG Precision Corp. changed its name to DENSO PS Electronics Corporation.

In 2013, as the equity in South Korea-based DENSO increased, DENSO PS Corporation became DENSO Korea Automotive Corporation (DENSO 70.81% + ASMO 29.18% + general minority shareholders 0.01%), DENSO PS Electronics Corporation became DENSO Korea Electronics Corporation (DENSO 100%), and DENSO Korea Sales Corporation became DENSO International Korea Corporation (DENSO 100%).

DENSO Korea Automotive’s ASMO equity became a 99.99% stake in DENSO following the merger of DENSO and ASMO on April 1, 2018.

In 2018, DENSO’s three Korean group companies entered a new era in DENSO’s 70-year history under the name “DENSO Korea” through a business integration.