NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President & CEO: Toshihiro Uchiyama) and Volkswagen AG (VW; Headquarters: Wolfsburg, Germany) have announced today a formal cooperation agreement between the two companies' steering divisions with the aim to further increase the power of innovation in steering. Both companies have agreed on in-depth development cooperation.

Comment from Dr. Stefan Sommer, Board of Management of Volkswagen AG
The cooperation agreement with NSK as one of the world's leading manufacturers of steering systems is a meaningful step to strategically expand our international development and production and to further strengthen our innovative strength in the chassis business.

Comment from Thomas Schmall, CEO of Volkswagen Group Components
Volkswagen Group Components has been a steering specialist for many years. The in-depth development cooperation enables us to make intensive use of the know-how of both partners and thus to further advance future products.

Comment from EVP Masatada Fumoto, Head of NSK's Steering and Actuator Division Headquarters
The cooperation agreement with Volkswagen is strategically significant to further expand our product portfolio and global production. The two parties complement each other in many areas, and we will continue to strengthen our relationship as we drive for future innovation.