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The Daikin Group began implementation of the strategic management plan Fusion 10 in June 2006. We had implemented Fusion plans for 10 years up to that point, which resulted in new record high sales as well as record operating profit and ordinary profit on a consolidated basis. Other significant achievements include the dramatic growth of our overseas business.
Fusion 10 builds on the management foundation we have established to date and embodies a series of specific measures designed to achieve our goals and create a brilliant future for the Daikin Group 10 years from now. Concrete development of these measures is currently being accelerated with a focus on action.
In order to rapidly achieve our goal of becoming the global No.1 air-conditioning manufacturer, we acquired the Malaysian company OYL Industries ("OYL") in January of last year for 246.1 billion yen, making it a wholly owned subsidiary.
This acquisition has expanded the regions and markets in which we do business, namely North America and emerging economies, and provides us with a new business model for the applied and solutions businesses. Daikin and OYL enjoy a strong complimentary relationship, which has cemented our foundation on the way to achieving our goal of becoming the global No.1 AC manufacturer.
In addition to the respective growth of Daikin and OYL, this fiscal year we intend to rapidly generate synergy, substantially increase sales revenue and achieve 14 consecutive terms of increased operating profit and 8 consecutive terms of record operating profit.
Following our mid-year financial reporting, in the fiscal third quarter we have achieved increased revenue and profit even without consolidation with OYL. Currently, we are steadily making progress towards achievement of our released annual plan for FY2007.
Among our initiatives, the Daikin Group will continue to make concerted efforts to develop next generation products geared for the future air-conditioning market and in response to environmental problems, expand our new businesses in the refrigeration and heating markets, substantially reduce manufacturing costs amid escalating market conditions, and further enhance development of human resources.
Your understanding and support of Daikin management is highly appreciated.
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Noriyuki Inoue
Chairman & CEO |
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