NSK celebrated its 100th anniversary in November 2016. Since its foundation as Japan's first manufacturer of bearings in 1916, the Company has continued to support the advancement of society by developing and manufacturing bearings and other automotive parts, as well as machine components such as precision machinery and parts. I would like to express my sincere appreciation to all our stakeholders, including shareholders, investors, customers, and partners, for their support over the past century.
As we take the first step on our journey into the next century, NSK has created NSK Vision 2026 that outlines what NSK will strive for and accomplish over the 10 years after its 100th anniversary, with the ultimate aim of becoming a company that continues to contribute to society while achieving sustainable growth. The vision encapsulates the aspirations of each and every employee to set in motion change that creates a new movement —not only for the Company but also for people's lifestyles and society as a whole.
Under the banner of NSK Vision 2026, NSK formulated its new Fifth MTP, which covers the three-year period from the current fiscal year (ending March 2017) to the fiscal year ending March 2019. The Fifth MTP, positioned as our first step for the next 100 years, focuses on two topics: operational excellence and innovate and challenge.
Operational excellence means that we will increase the competitiveness of our core businesses. NSK has yet to establish corporate fundamentals appropriate for a company with net sales of ¥1 trillion—an objective of the Fourth MTP. NSK aims to create a strong structure able to endure changes in the economic environment while enhancing profitability. Globally, we must solidify the foundation of our operations, including the administrative divisions.
Innovate and challenge focuses on the creation of new value for the future through new technologies, products and businesses. By pursuing operational excellence, we will secure a level of profitability necessary to reinvest in innovation for the next stage of development, thereby achieving further growth.
We kindly request the continued support and understanding of all stakeholders as we work towards our goals.
President & CEO NSK Ltd.