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5. F.C.C. Co., Ltd. Business Report FY ended Mar. 2019

F.C.C. Co., Ltd. Business Report FY ended Mar. 2019

Contracts

Jatco: Friction Material for Torque Converter for the Jatco CVT-S
-The Company that it started full scale production of its friction materials for torque converter to be installed in “Jatco CVT-S” by Jatco. The company said it was first time to receive orders from Unipres, a direct customer, inside Japan. (From a press release on April 9, 2019)

Subaru: Drive Plate for Large-capacity CVTs
-The Company that it has received an order for drive plates from Subaru. These parts are for use in large capacity CVT transmissions. This is the first time that the company has won an order from Subaru. F.C.C. manufactures the drive plates at its Watagashima Factory (Shizuoka Prefecture, Japan) and supplies them to Subaru's Oizumi Plant in Gunma Prefecture. Mass production started in March 2018. Sales of the drive plates is expected to reach approximately JPY 60 million by the fiscal year ending March 2021. (From a press release on October 16, 2018)

Toyota Motor Manufacturing, West Virginia: Clutch Assembly
-The Company that it has received an order for clutch assemblies from Toyota Motor Manufacturing, West Virginia. These parts are for use in 8-speed automatic transmissions for front-wheel drive vehicles. F.C.C. has manufactured in Japan the clutch assemblies and has supplied them to Toyota since May 2016. This time, F.C.C. received a new order in U.S. and started mass production at FCC (INDIANA) in June 2017. Sales of the clutch assemblies is expected to reach approximately JPY 17 million by the fiscal year ending March 2021. (From a press release on July 24, 2018)

Hyundai: Clutch Disks for Two Types of Transmissions
-The Company that it has started the mass-production of clutch discs for Hyundai Motor's vehicles. These parts are for use in CVT transmissions and for medium capacity 8-speed automatic transmissions for FWD. F.C.C. manufactures the clutch discs at its Watagashima Factory (Shizuoka Prefecture, Japan) and supplies them to Seojin Automotive based in Gyeonggi-do, Korea. Seojin Automotive then assembles clutches and delivers them to Hyundai Powertec. Sales of the clutch discs for CVT transmissions is expected to reach approximately JPY 500 million by the fiscal year 2020, and that for FF8AT approximately JPY 300 million. (From a press release on June 26, 2018)

10th Mid-term Management Plan (FY ending in March 2018-FY ending in March 2020)

-The Company revised its mid-term management plan in fiscal year 2019. Targets in the fiscal year ending in March 2020 are sales of JPY 180 billion and operating-profit margin of JPY 16.0 billion. The Company plants to increase production of clutches for 10-speed automatic transmissions, increase sales to European and USA OEMs, and increase sales to Chinese OEMs.

-In order to speed up launching new businesses, the Company formed the New Business Development Department in April 2019. It consolidated functions working on fuel-cell batteries, water treatment, products for electric vehicles, and industrial-use catalysts.

 >>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)

R&D Structure

-The Company has a Technology Laboratory and Production Technology Center in Hamamatsu City, Shizuoka Prefecture.

R&D Activities

Automobile clutches

The following outlines R&D activities by the automotive business in the fiscal year that ended in March 2019.

-Development of production methods for friction plates using the Company's proprietary segment method, and increased production of clutch assemblies for automatic transmissions making use of the Company's proprietary technology that improves fuel economy and reduces weight.

-Increased production of lock-up clutches using a newly designed damper offering exceptional damping performance.

-Development of new friction materials designed to improve product appeal and durability.

Investment outside Japan

-FCC (Adams), LLC announced it will invest over USD 24 million to expand its 436,700-square-foot facility in Berne, Indiana by constructing and equipping an 88,000-square-foot addition to house a new aluminum die cast machine process, six CNC lathe processes and four CNC drill processes. Construction will begin in February 2019. FCC (Adams) in-house manufacturing capabilities include transfer press stamping / forming, grob forming, flow-forming, aluminum die casting, electron beam welding, machining and assembly. This latest announcement marks the company’s sixth major expansion since beginning operations in 2003, following a USD 128.9 million investment announced in 2015. FCC (Adams) is a subsidiary of its Japanese parent company, FCC Co. Ltd., which supplies automotive customers such as Honda, Toyota, Subaru, Ford, General Motors, Fiat Chrysler, Yamaha, Suzuki, Harley-Davidson and BMW. (From IEDC press release on December 12, 2018)

-In the fiscal year that ends in March 2020 the Company plans to spend JPY 11,298 million in capital investments, allotting JPY 6,312 million to automotive clutches.
-The Company plans to invest in order to cutover to new models and increase production capacity in US, Japan, India and Vietnam.