Acquisition

Maruwa Co Ld
21 February 2003


                                                                21 February 2003
MARUWA CO., LTD.

3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN



                  MARUWA TO PURCHASE TOKYO FINE GLASS CO.,LTD



Nagoya- MARUWA CO., LTD. today announced that it has signed a basic agreement
with ITOCHU ENEX CO.,LTD. to purchase the entire issued shares of TOKYO FINE
GLASS CO.,LTD (TFG) after the corporate resolution today.

MARUWA is a manufacturer of ceramics for electronics, supplying ceramic
materials of electronic circuitry components as well as ceramic components for
mobile communications and for EMC (electro magnetic compatibility) solutions. 
Also with its high precision technology, MARUWA manufactures Machinery Ceramics
which includes ceramic materials for functional components and for industrial
machineries.
Creating synergy from all the base technologies that MARUWA have acquired in the
past, MARUWA aims to supply higher value-added electronic components to the
market.

This acquisition is to make technological achievements in Machinery Ceramics
field by integrating TFG's processing technology and MARUWA's precision
processing technology.  Also as a result of the acquisition, extension of the
markets will be expected by utilizing the current marketing channels since some
of the customers of MARUWA's Machinery Ceramics and of TFG products belong to
common industries.
In addition, sales of TFG products in overseas will be available through
MARUWA's global sales network.


Details of Acquisition

Method of acquisition           Transfer the entire issued shares of TOKYO FINE 
                                GLASS CO.,LTD currently held by ITOCHU ENEX CO.,
                                LTD. to MARUWA CO., LTD.

Schedule                        Signed a basic agreement       21 February 2003

                                To sign an agreement for 
                                transfer of shares             March 2003

                                To complete the transaction    End of March 2003


About ITOCHU ENEX

Name                            ITOCHU ENEX CO.,LTD.

Representative director         Kiyomi Yamada, President

Head office                     1-24-12 Meguro, Meguro-ku, Tokyo

Established                     28 January 1961

Business                        Sales of petroleum products and liquefied 
                                petroleum gas

Employees                       867 (as of 31 December 2002)

Paid-in capital                 19,877 million yen


About TOKYO FINE GLASS

Name                            TOKYO FINE GLASS CO.,LTD

Representative director         Noriaki Shimizu, President

Location                        7-1 Taihei, Kumagami, Miharu-machi, 
                                Tamura-county, Fukushima-pref., Japan

Established                     11 November 1985

Business                        Sales and manufacturing of quartz glass products

Fiscal term                     31 March

Employees                       105

Paid-in capital                 400 million yen

Total number of issued shares   8,000 shares

Operating results and assets                 (Millions of yen)

                                            Year ended 31 March

                                              2001        2002

Net sales                                    2,169       1,915

Operating income                               189          64

Net income                                     147          28

Total assets                                 2,040       1,763

Total shareholders' equity                     334         362


Shareholding percentage in TOKYO FINE GLASS CO.,LTD

Before transfer                                 0%

After transfer                                100%



Considerable effects caused by the acquisition to business results

No effects to consolidated net sales and income of fiscal 2003 are anticipated.

As for the outlook for fiscal 2004, MARUWA will refer within the announcement of
the consolidated final results for fiscal 2003.


                      This information is provided by RNS
            The company news service from the London Stock Exchange