The Taiyo Fund announced today it now owns more than 5% of OSG Corporation (6136), becoming the companyaddSchoolForms largest shareholder. OSG is one of the worldaddSchoolForms largest manufacturers of cutting tools, forming dies, measuring tools, machine tools and parts. In particular, they are strong in manufacturing taps, which are the tools used for screw thread milling. The Taiyo Fund is known for its cooperative investment style working with senior management to enhance shareholder value.

Brian K. Heywood, Chief Executive Officer and Managing Partner of Taiyo Pacific Partners, said, "We only take large positions in companies where we think a cooperative relationship will yield attractive returns. OSG has a strong president and a solid management team with broad overseas experience. We see OSG as a global leader in the cutting tool space."

Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, "OSG is the leader in the taps market with a 50% market share and they continue to build market share across newer product lines such as end mills and drills. We are confident in the firmaddSchoolForms continued ability to develop these segments going forward."

Mr. Teruhide Ohsawa, President of OSG, commented, "We welcome any shareholder that shares our vision and makes long term investments in us."

The Taiyo Fund was organized in July 2003 with an initial equity investment of $200 million by CalPERS, the State of California Public Employees Retirement System. The Fund currently has over $1.2 billion under management. The Fund is co-managed by Taiyo Pacific Partners LP and by WL Ross & Co. LLC. Taiyo Pacific Partners, located in Monterey, California, was founded in 2003 by bilingual professionals dedicated to friendly shareholder activism in Japan.

 

For information contact:

Wilbur L. Ross
212-826-2111
wlross@wlross.com

Brian K. Heywood
425-986-5301
bheywood@tppllc.com

Added on April 17, 2006

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