Red White Valve Corp. is under new ownership as of March 14, 2003. Founded in 1971 as a joint venture of Mitsui & Co., Ltd. and Toyo Valve Co., Ltd. of Japan, the majority of its existing shares have been sold to the Italian valve manufacturer Valvoindustria Ing. Rizzio (VIR). The remaining portion shall continue to be held by Mitsui Co. & Ltd.