Hyogo Works of Rolling Stock Company, Kawasaki Heavy Industries, Ltd. was established in 1906, and in the following year we delivered our first rolling stock. In 1923 we expanded into the production of railway bogies, the driving units of rolling stock, with our first delivery of a Baldwin-type bogie. As of the end of December, 2001, we have supplied both domestic and international customers with around 84,500 electric rail cars, coaches, steam/electric/diesel locomotives, diesel cars and freight cars for Shinkansen, local, private and municipal railways. In April, 2002 we began operations at a new rolling stock plant in Lincoln, Nebraska, U.S.A. as the second production site in North America. In addition to our North American activities, we are key partners in the Taiwan Shinkansen Project and are thus enthusiastically involved in opportunities within Asia.