Implementing Reform through the 2nd SHINKA "Renovating"
Thank you for your continuous support for our group.
In spite of the economic uncertainty following Greece's financial crisis and China's economic slowdown in the second quarter of the fiscal year ending March 2016, the economy continued to recover in the United States and Europe. As a result of our enhancing and streamlining productivity, along with the competitive depreciation of the Japanese yen, the company's results ultimately exceeded our forecast for the term.
The fiscal year ending March 2016 is the final year of the 2nd SHINKA three-year phase "Renovating" in our long-term business plan "NITTOKU SHINKARON - the Evolution of NGK SPARK PLUG." The basic policy of the three-year phase "Renovating" is to "Launch new products and business," while renewing efforts to expand existing business from the "Renovating" stage to the 3rd SHINKA "Evolving" stage.
In the Automotive Components Business area, in July we acquired all the shares of Wells Manufacturing, L.P.. The company is the leading manufacturer of auto parts for the repair market in the United States. This will generate a synergy where we can utilize our Group's worldwide sales network to further strengthen the repair market and accelerate our existing and new business. In the Technical Ceramics Business area, we are pushing ahead with "selection and concentration" to allocate our management resources optimally. In April, Nihon Ceratec Co. Ltd., which possesses high fabrication technological strengths in the area of semiconductor manufacturing equipment has joined our group network. We will integrate our company's strengths in technological development beginning with materials and the worldwide sales network to further improve our competitiveness.
We will soon enter the next three-year phase "The 3rd SHINKA ‘Evolving,'" the final stage of our management plan "NITTOKU SHINKARON." We will continue to launch new products and services, capture new markets to ensure our survival over the competition in global markets, and continue our aggressive investment while having the rebuilding of our business through "selection and concentration" as an important management framework.
Representative Director Chairman of the Board