The Taiyo Fund announced today that it has increased its holding in Nifco Inc. (7988) to more than 9%. 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 have been an investor in Nifco for over two years and we continue to see strong potential in the company. Management has been very focused on building their core business as well as taking steps to enhance shareholder value. We felt comfortable increasing our position based on our confidence in the management team at Nifco."

Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, "Nifco is a leading manufacturer in the competitive automotive parts industry. They have found a way to add value and provide strong returns in the midst of increased global competition and strong pricing pressure from the automakers."

Mr. Ryuji Watanabe, President of Nifco, commented, "We welcome all friendly, long-term investors and shareholders."

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 $850 million 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. The Ross firm has sponsored $4.5 billion of alternative investments since its founding in 2000.

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

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

Added on October 11, 2005

Filed Under