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Ingersoll-Rand Company Limited plans to establish a joint venture with Taiwan Fu Hsing Industrial Co. Ltd., a manufacturer of mechanical door locks based inKaohsiung, Taiwan. Under the terms of the agreement, Ingersoll-Rand will acquire a majority interest in Taiwan Fu Hsing's mechanical door lock manufacturing subsidiaries in China and Malaysia and make a minority equity investment in Taiwan Fu Hsing. The transaction is subject to government approvals and requires the approval of shareholders of Taiwan Fu Hsing. Assuming these conditions are met, the joint venture is expected to be established in the third quarter of 2005.
Founded in 1957, Taiwan Fu Hsing is a global manufacturer and distributor of mechanical door locks primarily in the North America and Asia markets, including door locks sold under the Faultless brand name. The company has manufacturing operations located in China, Malaysia and Taiwan. Annual revenue for 2004 for Taiwan Fu Hsing was approximately $135 million.
"We are pleased to partner with a proven business like Taiwan Fu Hsing," said Herbert L. Henkel, chairman, president and chief executive officer of IR. "This joint venture is the latest step in our strategy to expand our market presence and manufacturing footprint in emerging growth markets around the globe, consistent with our strategy to provide comprehensive security solutions worldwide. With Taiwan Fu Hsing's excellence in engineering, and Ingersoll-Rand Security Technologies' competency in customer and channel management, we have strengthened our ability to provide innovative, high quality security products for customers in international markets.
Ingersoll-Rand's Security Technologies Sector is a provider of mechanical locks, architectural hardware, electronic and biometric access-control systems, and other technologies and services for global security markets.