DENSO International America Inc. announces the establishment of the DENSO North America Foundation with initial assets of $5 million today at the 2001 SAE World Congress.
Tony Takeuchi, president and CEO of DENSO International America says the foundation will provide grants to students studying engineering, technology and business at universities and other higher education institutions throughout North America. At full endowment in 2010 assets will be $15 million. This makes DENSO the first Japan-based automotive supplier to establish a charitable foundation in North America.
Mr. Takeuchi says DENSO, in an effort to support the U.S. economy, will provide grants with an emphasis on engineering, technology and business. Also present at the announcement was David Cole, who is a foundation board member. Mr. Cole is the director of the Center for Automotive Research and management partner of the Environmental Research Institute of Michigan (ERIM). He says he sees DENSO, the world’s fourth largest automotive supplier, as having a “commitment to the community” he hasn’t seen from other automotive suppliers. Part of this commitment also includes providing grants to the American Red Cross to aid victims of natural disasters in communities where DENSO facilities are located.