|Tokyo - JCNN -- Fukoku Rubber and Tokai Rubber have announced plans for a new joint venture in Indonesia. Under the partnership, Tokai Rubber will own 34% of joint venture PT. Fukoku Tokai Rubber Indonesia, which will be capitalized at $8,550,000.
The new company is scheduled to have 200 employees by the end of 2004.
Fukoku Rubber and Tokai Rubber expect their Indonesian joint venture to post 660 million yen in sales in fiscal 2004, 1.35 billion yen in fiscal 2006 and 1.8 billion yen in fiscal 2008.