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News Release

2011/01/18

Announcement Regarding the Establishment of a Joint Venture

World Co., Ltd. has decided to establish a joint venture with Sotoh Co., Ltd. (headquarters: Ichinomiya, Aichi Prefecture, Japan) for the planning and sales of textiles.

1. Reason for establishing the joint venture

World Co., Ltd. and Sotoh Co., Ltd. believe the growing risk of contraction and dissipation of the domestic manufacturing sector in the fabric industry leaves companies that depend on domestic materials vulnerable to a hollowing out in the industry, particularly companies in the textile industry.

We will establish a joint venture for the planning and sales of textiles with the aim of breaking away from an industry that is currently dependent on domestic demand, by strengthening the planning, development and sales capabilities of regional textile production sites and by focusing our resources on cultivating new markets in Japan and overseas. In pursuit of this goal, the new company will seek to collaborate with our partner manufacturers in various areas, including spinning and textiles.

2. Overview of joint venture

(1) Name J Fabric International Co., Ltd.
(2) Main office Tokyo, Japan
(3) Representative Chairman and Representative Director, Yukio Takaoka (Sotoh Co., Ltd.)
President and Representative Director, Shinichi Hagiwara (World Co., Ltd.)
(4) Main business Textile planning and sales for domestic and overseas markets
(5) Capital ¥50 million (projected)
(Sotoh Co., Ltd., 65%; World Co., Ltd., 35%) (tentative)
(6) Established April 1, 2011 (projected)
(7) Fiscal year end March 31

3. Overview of joint venture partner

(1) Name Sotoh Co., Ltd.
(2) Main office 5-1-1 Nagoya, Ichinomiya, Aichi Prefecture, Japan
(3) Representative Yukio Takaoka
(4) Main business Dyeing and processing of diverse textile products
(5) Capital ¥3,124 million
(6) Established 1923
(7) Fiscal year end March 31

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