“New Growth and Consolidation of Core Areas”

At present, a number of facts indicate that we should not expect export-led economic growth in the market - the decline in the population and purchasing power of Japan, the plateauing of the automobile and refrigerated car market and the strong yen. Yet, though economic growth is stalling in developed countries, the remakably rapid growth of the emerging countries is likely to stimulate the global economy. In light of these factors, our company must act, by expanding and accelerating manufacturing in areas where there is demand.

In our 12th Mid-Term Management Plan, launched on 1 April 2011, we outlined a clear strategy for Topre's survival and expansion in the growing markets of emerging countries as well as the more mature markets of Japan. In this bold plan, which incorporates fresh, creative thinking and novel approaches, we will see through individual challenges and changes with the end goal of expanding and advancing our business.

In our 11th Mid-Term Management Plan launched on 1 April 2008, we presented our “Challenge to Change” aiming at unifying our efforts, rather than adhering to conventional methods. We believe that this approach will help us to cope with the increasingly demanding business situation, improve our existing businesses and create new business opportunities.