News Releases 2004

Name Change

Sep 16, 2004
(The Kuraray Group)

As of October 1, 2004, MAGICTAPE Co., Ltd. (Headquarters: Osaka; President: Mitsuhiko Takaoka) will change its name to Kuraray Fastening Co., Ltd.
Principal reasons for the change are to clarify that the company is a member of the Kuraray Group so that it will enjoy the advantages of Kuraray's vast name recognition and market saturation, and to expand the Company's hook and loop fastener business and related operations. The Company will also use this as an opportunity to further integrate manufacturing, development, and sales, to add renewed impetus to efficiency improvement programs, and to increase the speed at which management makes and implements decisions.

In August 2003, the company established a manufacturing and sales subsidiary in Shanghai, which commenced manufacturing operations in January,and is promoting the expansion of demand for hook and loop fasteners in Japan, China, and the rest of Asia.

1. Old and New Company Names

Old Company Name MAGICTAPE Co., Ltd.
New Company Name Kuraray Fastening Co., Ltd.

2. Information Summary

(1) Headquarters Shin-Hankyu Bldg., 1-12-39, Umeda, Kita-ku, Osaka
(2) President Mitsuhiko Takaoka
(3) Capital ¥100 million
(4) Number of employees 120
(5) Market Share Holds No.1 share of domestic market for hook and loop fasteners.
(6) Business MAGIC TAPE (common hook and loop fastener)
FREE MAGIC (single component, hook and loop fastener)
molded fastener (hook and loop fastener for auto seat covers)
MAGILOCK (extrusion molded hook fastener)
(7) Production Capacity
MAGIC TAPE 48 million meters per year (25mm width)
MAGILOCK 7.2 million meters per year (25mm width)