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Fiscal 2003 News
Inauguration of a New Company for Extrusion Laminators

August 25, 2003

Sumitomo Heavy Industries, Ltd. inaugurated a new company "Sumitomo Heavy Industries Modern, Ltd." in consolidating its extrusion laminator division with its 100%-capitalized subsidiary, SHI Modern Machinery, Ltd. The new company was put into operation in August 2003

The extrusion laminator is a machine for manufacturing plastic films mainly for packaging of foods and subsistence goods. There is a steady demand for this machine in the domestic market, while demand for it is increasing in China and the surrounding Asian countries in recent years.

The new company will succeed the advantages that SHI has had in sale of high-performance machines for domestic users and those of SHI Modern Machinery that has had high supply records in China and Asian countries, in order to operate its expanded scale of business, speed up its product development and strengthen the after-sale service network in the overseas markets. In addition, the company will enhance the efficiency of operation and the market competitiveness as a manufacturer specialized in extrusion laminators.

The extrusion laminators are in stable demand and have the second market size next to the injection molding machinery in the plastics machinery field in Japan. SHI started up the new company under the recognition that the extrusion laminator is one of the mainstays in its plastics machinery business following the injection molding machinery and in the expectation that the extrusion laminator business will further grow in the future.

[Overview of New Company]
Company name: Sumitomo Heavy Industries Modern, Ltd.
Registered head office: Kohoku-ku, Kanagawa Prefecture
President: Hiroshi Makishima
(President of former SHI Modern Machinery, Ltd.)
Capital: 200 million yen (100% capitalized by SHI)
Employment: Approx. 100 employees
Sales: Approx. 5 billion yen (planned for FY 2004)
Business items:
Design, manufacture and sale of plastic extrusion laminators