News Release

Air Water to make Nishimura Kikai Co., Ltd. a wholly-owned subsidiary

Nov 21, 2005

Osaka, November 21, 2005 – Air Water Inc. (AWI) announces that on November 30 it reached agreement with Nishimura Kikai Co., Ltd. (Nishimura Kikai) on making Nishimura Kikai an AWI wholly-owned subsidiary company.
Nishimura Kikai has a long and successful track record in the sales and maintenance of cardiovascular support and dialysis systems and other medical equipment. Bringing Nishimura Kikai under its umbrella will allow AWI to expand its lineup of medical equipment. Synergies with its own range of strategic products, which include medical gases, medical equipment, piping installation in hospitals and Supply Processing & Distribution (SPD) services, will also allow AWI to enhance the comprehensive medical services it offers hospitals.

I. Background

AWI is expanding its operations in the medical sector by promoting Total Hospital Business – a range of comprehensive medical services for hospitals and one of the Solution Services the Company offers medical institutions. Total Hospital Business embraces a wide spectrum of facilities, equipment and services sought by hospitals and ranges from piping installation and operating theater interiors to SPD, sterilization services and domiciliary medical care. AWI’s special competence in the field of medical equipment and materials lies in respirators and in anesthetic equipment and systems.
Nishimura Kikai, meanwhile, is a supplier of medical equipment to a number of major hospital groups. The company has a particular wealth of know-how in the sales and maintenance of cardiovascular and dialysis equipment and systems.

II. Subsidiarization: purpose and expected benefits

AWI’s aim in making Nishimura Kikai a wholly-owned subsidiary is to expand its medical business by adding expertise in cardiovascular and dialysis equipment and systems to its portfolio of strategic products. The Company will also use that expertise to complement its piping installation, medical equipment, medical gases, SPD and other products and thereby enhance its comprehensive medical services for hospitals in Kyoto and the surrounding region.
AWI expects that making Nishimura Kikai a wholly-owned subsidiary will generate significant synergies in the Company’s medical business by allowing it to add new products and services to its portfolio, to access new networks and by increasing the number of experienced specialists on its staff.

・ Nishimura Kikai profile
Date established 1969
Capitalization ¥28,000,000
Head office Kyoto
Representative Etsuji Nishimura, Representative Director & President
No. employees 83
Net sales ¥7,635 million (for fiscal year ending February 2005)
Business lines Sales and maintenance of medical equipment

CONTACT: S. Kishi and J. Ishino
Public Relations, Air Water Inc.
20-16, Higashi Shinsaibashi 1-chome,
Chuo-ku, Osaka 542-0083
TEL: 06-6252-5411 / FAX: 06-6252-3965

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