NOK Corporation Business report FY2008
|Financial Overview||(in million JPY)|
|Current net income||652||25,843||(97.5)|
|Sealing product division|
|Sales||249,910||288,153||(13.3)||-Sales of automotive products decreased substantially as a result of the global decline in new vehicle demand in the second half of the fiscal year.|
|R&D Expenditure||(in million JPY)|
-In July 2008, Freudenberg Mektec Europa GmbH - a joint venture between Freudenberg and the Company - is moving into a newly built Technology Center, the complex being built in an area of Weinheim Technology Park, by the end of 2008. Its cornerstones will be product development, prototype production and pre-series production of flexible printed-circuit boards (PCBs) for customers in the automotive and other sectors. (From a press release on Jul 29, 2008)
Sealing product division
-The Company developed low friction oil seals that have the same performance as conventional seals in terms of sealing but with improved performance in terms of lower friction. The Company released these new oil seals for use in vehicles.
-The Company was successful in commercializing some encoding seals (which use magnetic rubber) used for integrated vehicle control. This includes controlling the vehicle's speed, for example. The Company is currently developing encoders, giving them more precision-level magnetization and greater functions, creating multi-task encoders.
-In the area of fuel-cell parts, the Company developed seals for fuel cells, humidification film modules, materials used for gas diffusion layers (non-woven carbon fabrics) and other products. It is now testing the products on vehicles.
Technical Cooperation Agreement (As of Mar. 31, 2009)
|Introduction and licensing of such seal product as oil seal, O ring and related technologies||Jan. 1, 2009|
|Capital Expenditure||(in million JPY)|
Japan: The Company rebuilt and improved its Fukushima plant.
Outside Japan: The Company made a capital investment, focusing on upgrading the facilities at Thai NOK Co., Ltd.
-In Nov. 2008, the Company announced that it will cut its facility investment by approx. 10 billion yen in the latter half of FY 2008 to total approx. 60 billion yen for the entire FY 2008 from its original budget of 70 billion yen. All its projected investments to increase production in Japan and Asia will be waived, except for the Fukushima Plant, Nihonmatsu City, Fukushima Pref., whose reconstruction is underway from the previous business term for necessary seismic reinforcement. (From an article in the Nikkan Jidosha Shimbun on Nov. 27, 2008)
| Name of Company
|Location||Facility|| Expected Investment
(millions of yen)
|Started||Expected to Complete in:|
|Fukushima Pref., Japan||Plant for manufacturing oil seals||10,700||Apr. 2008||Jul. 2009|