ASIMCO Technologies was founded in February 1994 by Jack Perkowski, a former Wall Street banker. Jack believed that Asia and specifically China, would ultimately represent the fastest growing market in the world as well as a manufacturing base for the global economy for all types of products and services.

The four phases of ASIMCO Technologies' development:

1990 - 1993: The Investigation Phase
1994 - 1997: Acquisition Phase
1997 to 2003: Consolidation and Management Restructuring Phase
2003 Onward: Global Company Phase

After leading PaineWebber's investment banking division in New York, Jack Perkowski set up an investment company in emerging Asia. China was identified as the country of focus in 1992 and the components industry was selected in early 1993 as the strongest sector for domestic and export growth. A team led by Jack Perkowski then visited over 100 factories in 40 cities in the first nine months of 1993. The Company formulated the strategy to bring not just capital, but also management and technology to its Chinese ventures.

The Company was formally established in February 1994 with initial funding of $150 million. Eleven joint ventures were completed and majority interests in ASIMCO Technologies' core companies were acquired during this acquisition phase.

ASIMCO Technologies attained sufficient critical mass to attract leading industry players such as Caterpillar and Nippon Piston Ring as strategic partners.

At this time, the operating units were managed by incumbent managers appointed by the local joint venture partners. However, it soon became clear that these traditional managers, accustomed to running Government-owned companies, did not share ASIMCO Technologies' vision and strategy.

ASIMCO Technologies implemented a major strategic shift: moving from a group that managed a portfolio of investment companies to a hands-on operating company. This gave the management team 'operating' control rather than merely 'board' or 'voting' control over operations and in turn the essential strategic and operational input required to enhance the Chinese operations' competitiveness.

One of its most successful initiatives was the ASIMCO Technologies "New China" management program. This formed the basis for the company's transition in its management approach and represented the most salient part of its learning experience in China.

In mid 1997, a complete overhaul of the management structure within the operating units took place and by the end of 1999, most of the top management team was replaced by "New China Managers" appointed by ASIMCO Technologies.

In addition to the new general managers, changes were made in the various deputy general manager positions (i.e. finance, sales and marketing, production and purchasing). Generally, traditional Chinese managers were replaced with younger management-educated professionals with substantial experience in working for multinational corporations and managing operations in China. By the beginning of 1998, over 50 such managers had been recruited into the ASIMCO Technologies organization and now form the core middle management layer of the Company.

After completion of the Consolidation and Management Restructuring Phase, ASIMCO Technologies became in many respects a new company. It had operating control of 13 quality and highly scaleable manufacturing operations located across the country, and a team of international and 'New China' managers with a shared vision and goal.

In February 2004, on the Company's tenth anniversary, the management restructuring of ASIMCO Technologies was complimented by a financial and legal restructuring which repositioned the Company for the next phase of its development. After completing its first ten years as a company, ASIMCO Technologies was ready to leverage the management, manufacturing and marketing infrastructure it built in China to a position of global leadership. The word "Technologies" was added to the Company's name at this time as a signal to customers, employees, shareholders and other stakeholders that achieving global technological leadership is a key objective of the Company.

In 2003, the Company established its new long-term goal which is 'To be recognized as the global leader in all its products.'

In the context of a large, well-developed, mature global industry such as the automotive components industry, accomplishing such a goal across a broad range of products by an industry newcomer would be an almost impossible challenge. However, the future growth of the China automotive industry, with its cost, market and technological benefits, adds a new set of variables and realities to the global equation.

Given China's potential of becoming the largest automotive market in the world, established global leaders in all industry sectors must assess the impact which the continued development of the China market, and the execution of their China strategies, will have on their leadership positions in the future. At the same time, China's continued market development provides China based companies such as ASIMCO Technologies with a unique opportunity to gain global leadership positions, in the same way that many Japanese suppliers became global leaders in an earlier period. In this context, ASIMCO Technologies' long term goal, while still a significant challenge, is one that the Company is determined to accomplish.

With a strong management and manufacturing infrastructure in place, ASIMCO Technologies, by the year 2004, had arrived at a point where it was poised to achieve significant growth through an active corporate development program, which includes expanded technology relationships with global partners; new ventures to expand product lines or markets; and strategic acquisitions. Over the next three years, the Company expects to commit substantial resources to its global operations.