As of April 1, 2015, we have officially changed our name from Citizen Machinery Miyano to Citizen Machinery.
FY2015 is the last year in the first half of Citizen Group's mid-term management plan, "Global Plan 2018." The name change is part of a fresh start we are making here to remind us of our mission as the Citizen Group's second pillar of business, following only to watch business, and to allow us to aim to be the leader when it comes to customer satisfaction. We aim to achieve that by further strengthening the value that each one of our brands-Miyano, Cincom, and other new automatic lathes-brings to our customers.
In terms of the global business environment, the manufacturing industry in advanced industrial nations has made a marked recovery, with Japanese manufacturing recovering fully following yen depreciation, and steady growth in the US and Europe.
While on one hand the growth of emerging economies like that of China is being blunted, they must still be considered an enormous market that will continue to grow going forward, even as they come to be seen more and more as sites for concentrated industrial production.
As European nations such as Germany with its "Industry 4.0" concepts making serious efforts towards innovation and activation in manufacturing industry, we can see that the era of true global competition in the manufacturing industry is dawning.
In an environment like today's, it is not enough to simply make good products and sell them. Rather, we believe that the key factors in the sustainable growth of a truly global corporation is in the provision of services that are tailored to the customer's needs, provided with speed and additional services, revisiting all of the types of added value sought after in the global market, and to continually create new value.
At Citizen Machinery, in addition to our heightened focus on realizing the concept of Ko No Ryosan-mass customization, a concept we introduced two years ago-embodied in products, services, and even manufacturing processes, we continue to be a company that boldly challenges itself to aim to respond swiftly to the diverse needs of our customers around the globe as they revolutionize productions.
We hope that you can place your trust in the challenges we are taking on at the new Citizen Machinery, and we humbly ask all of our customers and partners for their continued support.