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A recent research and development activity brought about and eventually commercialized a new, low-cost oil cooler having a remarkably simple structure for car engines. In particular, the use of heat transfer fins and housing was totally eliminated. A heat exchange core employed in the new oil cooler is comprised merely of a required number of identically designed round plates overlapping each other. Whether this type of oil cooler can maintain required heat transfer rate or not hinges primarily on design and layout of embossed spots and through-holes provided on the individual plates as well as of clearance between those round plates. With design emphasis placed on those important factors, a heat exchange core having a finless structure achieved a heat transfer rate level that stands well comparable with that of conventional oil cooler. This paper describes how the product was developed though efforts to obtain consistent heat transfer rate.