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Hungary: Cadence Innovation expands manufacturing footprint to Esztergom

Cadence Innovation conducted a grand opening ceremony today commemorating the official start of production at its newest manufacturing plant. This investment was made to supply an additional Japanese automaker in the region - Magyar Suzuki Corporation Ltd.

Operating under the name Plastimat, the plant is managed through a joint venture between Cadence Innovation (74% ownership) and Sumitomo Corporation Group (26% ownership). Plastimat is the sole supplier of door panels across four (4) vehicles - the Suzuki Swift, Suzuki Swift Sport, Suzuki SX4 and the Fiat Sedici. The facility's production capacity is 1.2 million door panels (per annum).

Located in the Esztergom supplier park, the door panels are delivered directly to the Suzuki assembly plant via SILS by Summit D&V (a Sumitomo Corporation Group Company). This investment is the first in a series which are driven by the Cadence growth plan. „Our strategy is to methodically pursue expansion of our manufacturing footprint in key growth regions such as Eastern Europe,” said Jerry L. Mosingo, President and Chief Executive Officer, Cadence Innovation LLC. „We are very proud of the Cadence team that manages the Plastimat joint venture and the development of this new site.

This is a green field plant that began construction in March of 2006 and quickly started manufacturing operations in November of the same year,” said Pavel Neuman, President, Cadence Innovation k.s. „This year, we will install a new back-injection technology as well as laser cutting equipment for door panel production in this plant that will support Suzuki's successor platform which is scheduled for launch in the 4th quarter of 2007,” said Neuman.

Cadence Innovation
Cadence Innovation is a $650 million automotive supplier offering design, engineering, manufacturing, and assembly/sequencing solutions for interior and exterior components, systems and modules in four areas -- interior trim including instrument panels, consoles and complete cockpits, exterior trim including painted bumpers/fascia, rear closure modules and radiator grills, door panels/modules and cargo management systems.

Operating in six countries, the company has over 4,200 employees at 17 facilities and supplies its products to automotive manufacturers around the world. Cadence Innovation k.s., established in 1946, operates three manufacturing plants and a tool shop in the Czech Republic. The plants are in Liberec, Nymburk and Liban. European headquarters, as well as the research and development center, are located in Liberec.

Sumitomo Corporation
The company was established in 1919. It is a leading integrated trading company with its headquarters in Japan, having more than 50,000 employees in more than 140 offices and 875 subsidiaries and associated companies worldwide. In the automotive business, Sumitomo Corporation combines various services: supply production facilities, materials and components to car manufacturers, export cars from Japan, import and distribute cars in foreign markets, providing financing services. Summit D&V is one of Sumitomo Corporation subsidiaries providing logistics and assembly services to car manufacturers. (