First and foremost, I appreciate your continued support and sponsorship to Nippon Paint Group.
The Nippon Paint Group is committed to accomplishing numerous goals by supplying products and developing technologies backed by our paint and coatings expertise acquired over many years. One goal is to help provide solutions for social issues such as global warming and other environmental issues. We are also meeting new needs of our customers associated with the increasing use of “smart” devices and technologies, remote work, the COVID-19 pandemic and other sources of change. Nippon Paint launched a social cooperation program titled “Creation of Innovative Coating Technologies” with the University of Tokyo in October 2020 based on an industry-academia co-creation agreement concluded in May 2020. Through this collaboration, the Nippon Paint Group and the University of Tokyo are increasing the pace of research involving coating technologies, including coatings with anti-viral and anti-bacterial properties.
We will make with the acquisition of 100% ownership of the Asia joint ventures with Wuthelam Group, our almost 60-year partner, as well as the Indonesia business, and also complete the associated third-party allotment of newly issued stock by the end of January. As a result, Nippon Paint and NIPSEA will become a Global One Team in name and reality. Additionally, on January 1, 2021, we integrated our group’s automotive coatings business worldwide, with NPAC functioning as the global headquarters. This move established a platform for meeting the needs of our customers around the world more quickly. By taking these steps, the Nippon Paint Group is integrating its global operations at an even greater speed.
Under the three-year new medium-term management plan that begins this year, Nippon Paint will implement initiatives to achieve the integration of operations worldwide and create products and technologies to solve social issues. We will also make investments for the sustainable growth of our businesses in Japan. Furthermore, we will place priority on further increasing productivity and strengthening technological capabilities involving paint manufacturing. Another goal is establishing digital supply chains and rebuilding our supply chains.
Established in 1881, Nippon Paint has the longest history in Japan’s paint industry. In 2021, we are celebrating our 140th anniversary. Our company originated with our founder Jujiro Moteki’s commitment to develop non-toxic zinc white for the first time in Japan. The aim was to help women suffering from poisoning by the white lead substance contained in face powder at that time. The founder’s dedication to helping others has been passed on to us today, after 140 years, in the form of our corporate philosophy.
Paint adds color, comfort and security to the lives of people around the globe. Paint is used in automobiles, buildings and houses, bridges and other large-scale structures, “Shinkansen” bullet trains and other railway carriages, large machinery, marine vessels, and many other applications. In addition, paint, coating and surface treatment technologies have immense potential to help solve social issues. As a global leader in the field of paint and coatings, Nippon Paint will leverage the potential of paint and paint technologies to promote the worldview we call “PAINT.WONDER” and contribute to the further advancement of society.
In closing, I would like to ask for your continued guidance and support in our future endeavors.
Thank you very much.