Dear Fujitec Shareholders:
First of all, we would like to take this opportunity to thank you for your ongoing support to Fujitec.
Although the global economy has left the worst behind, business conditions in Europe and the USA remain weak. Also, the real estate market remains sluggish in Japan. Meanwhile, East Asia, centering on China and South Asia, has progressed in its recovery, and we are now in the so-called “Age of Asia.”
In the Japan new equipment installation market, construction demand is in a slump. We are, however, striving to increase profits by 1) promoting sales of our most advanced “XIOR” elevators and the “GS-NX” series of escalators; 2) further strengthening our modernization business that upgrades elevators and escalators that have been in service for more than 20 years; 3) expanding our after-market business related to maintenance and repair. Furthermore, as infrastructure reconstruction projects, the escalator development and manufacturing base “Big Step” and the after-market base “Big Fit” have been completed. By integrating these bases to cooperate with the elevator development and manufacturing base “Big Wing,” we have strengthened our business foundation.
In the global market, we are tackling further expansion of production systems at our elevator base “Huasheng Fujitec Elevator” and at our escalator base “Shanghai Huasheng Fujitec Escalator” in order to meet the strong demand in China, currently the world's largest elevator and escalator market.
Also, with the start of operations at the new “Fujitec Shanghai Sourcing Center,” the production and supply base for equipment, we will increase our profits through a stable supply of equipment to our global companies.
With the three-year medium-term management plan from 2010 to 2012 “One Goal, One Fujitec,” we at Fujitec are working hard to further increase profits and enhance corporate value. Under this plan, we will earn greater trust and meet our global customers' expectations by committing ourselves to further expanding our presence in global markets with particular emphasis on Asia, by improving profitability of the new equipment installation business and the after-market business in Japan and by placing the highest priority on safety and quality.
We sincerely hope you will give us continuing support in the future.
May 2010
