Textile maker adapts to stay on top

A traditional Japanese textile manufacturer, Toyobo has seen huge success since its establishment in 1882. The company reached its prime position in the industry in 1931, when it became the world textile leader. In response to market changes, it has carried out business reforms twice.

Today, the company is transforming once again since entering a new phase in 2008.

"We have significantly decreased our textile business, and are now focusing more on new specialty product lines," said Seiji Narahara, president of Toyobo.

Currently, nearly half of the company's business comes from the production of films and functional polymers. Industrial materials and health-care products follow in importance.

"Business diversity will be our core strength," said Narahara. "We plan to be a category leader in niche markets, promoting our unique and high value-added products."

Toyobo is continuing its aggressive global expansion. Having jointly acquired PHP Fibers - a global leader in the production of PA66 yarn for airbags, it also acquired a diagnostic reagents company in Spain, called Spinreact, and expanded its sales network in South and Central America, and Africa.

In China, Toyobo is well-established, with offices and production facilities across the country.

"Our excellent position and existing overseas bases are already available for further global expansion and diversification," Narahara said. "We are now aiming for at least a 40 percent overseas sales ratio."

For more than a century, the Toyobo name has been synonymous with quality and Narahara said is determined to keep it that way.

"We are looking into contributing to society by creating more value through our high-quality products, and at the same time continuing to reform our business portfolio," he said.

www.toyobo-global.com

World Eye Reports provided the story.

(China Daily 06/18/2015 page23)