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1Description of New Medium-Term Plan(Prepared for Explanatory Meeting) 1Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
February 23, 2011
2Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Review of the Review of the FY FY 20072007−−09 Medium09 Medium--Term PlanTerm Plan P3P3––P6P6
Grand Vision 2020 (Our LongGrand Vision 2020 (Our Long--Term Vision)Term Vision) P7P7––P10 P10
New New MediumMedium--Term PlanTerm Plan P11P11––P42P42
Renaming of the CompanyRenaming of the Company P43 P43
3Description of New Medium-Term Plan(Prepared for Explanatory Meeting)Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Review of the FY 2007−09 Medium-Term Plan
Review of the FY 2007−09 Medium-Term Plan
4Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
(¥100 million)FY 2010 (Ended March 31, 2011)
Results for FY 2009 (Ended March 31, 2010) First half Q3
(Apr.–Dec.)
Estimated annual
performanceSales 3,202 1,809 2,685 3,570
Operating profit 209 209 282 340Ordinary profit 200 198 269 320
Net profit 111 77 116 175
5Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
(¥100 million)
The target value of the preceding Medium-Term Plan
4,080
4,5004,280
550
445
370
4,1703,570
3,202
3,7803,8143,355
340209
106
322
364336
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
Sales
Operating Profit
6Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
CellulosicDerivativesCellulosic
DerivativesTAC: Delayed startup of new equipment in the Ohtake Plant due to the Lehman Bros. shock.
(Operation restarted in November 2010.)
Acetate tow: Started new equipment in the Ohtake Plant. Increased production in the Aboshi Plant.Enhanced the acetate tow business through a Chinese joint venture. Started the acetate cellulose joint venture.
Organic ChemicalsOrganic
ChemicalsChemical products: Launched production of acetic anhydride in China. Started production of ethyl acetate using the ethanol method (to avoid consumption of fossil fuels).Functional chemicals: Developed our raw material business for the electronics & information materials industry. We have not yet attained the goal of our plan for developing the semiconductor resist materials segment.CPI: Established and enhanced our business bases in China and India.
Plastics Plastics Engineering plastics segment: Developed and enhanced our business bases in Asia. Enhanced the LCP business. We were unable to develop the COC business.Compound business: Developed and enhanced our sales bases in China. Returned the compound business to stable profitability. Transferred Dainippon Plastics Co. to another company. Transferred the business of Mikuni Plastics Co. to another company.
Pyrotechnic Devices
Pyrotechnic Devices
Increased and enhanced the initiator business in Thailand (DSTT).Established an inflator sales base in Korea (DSSK).
CorporateCorporate Decided on stable and rapid development of new businesses that can serve as key businesses for the next generation.Relocated the Osaka Head Office. Closed the Sakai Plant and relocated its operations to another plant.
7Description of New Medium-Term Plan(Prepared for Explanatory Meeting)Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Grand Vision 2020(Our Long-Term Vision)
Grand Vision 2020(Our Long-Term Vision)
8Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Establishing the world’s best manufacturing system
Enhancing cooperation with business partnersEnhancing cooperation with business partners A variety of unique
technologiesA variety of unique
technologies
Advanced production systems
Advanced production systems
Societal needs and customer needsSocietal needs and customer needs
Devising and providing the best solutionsDevising and providing the best solutions
9Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Philosophy
Daicel’s future and long-term business targets as described in Grand Vision 2020
(our Long-Term Vision)
2011Medium-Term
Plan
2014 Medium-Term
Plan
2017 Medium-Term
Plan
Grand Vision 2020, our long-term vision, represents our “management compass,” as it points out
the right road to achieving our future.
We must enhance our businesses so that society and our customers recognize each
of our businesses as the number one business in the world in its respective field.
We should establish five new business units, each capable
of achieving sales of ¥10 billion.
Long-term targetLong-term target
Our New MediumOur New Medium--Term Plan marks a milestone Term Plan marks a milestone in our effort to achieve our in our effort to achieve our longlong--term vision of Grand Vision 2020.term vision of Grand Vision 2020.
Daicel is committed to becoming a company that delivers the best solutions to the global market.
Daicel is committed to becoming a company that delivers the best solutions to the global market.
10Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Global developmentGlobal developmentDevelopment of new businessesDevelopment of new businessesFurther growth of core businessesFurther growth of core businesses
Create new businesses with ¥10 billion in sales × 5 units.Create new businesses with ¥10 billion in sales × 5 units.
Enhance each business until it is recognized as the number one business in the world.Enhance each business until it is recognized as the number one business in the world.
Consideration of M&AConsideration of M&A
Committed to becoming a company that delivers the best solutions to the global market
Committed to becoming a company that delivers the best solutions to the global market
3D-I Medium-Term Plan
(for FY 2011−13)
3D-I Medium-Term Plan
(for FY 2011−13)
Design the FutureDesign the Future(The design and initiative phase)(The design and initiative phase)
3D-III Medium-Term Plan
(for FY 2017−19)
3D-III Medium-Term Plan
(for FY 2017−19)
(The achievement and delivery phase)(The achievement and delivery phase)Deliver the Best Solution Deliver the Best Solution
(The growth and development phase)(The growth and development phase)Develop New Value Develop New Value
3D-II Medium-Term Plan
(for FY 2014−16)
3D-II Medium-Term Plan
(for FY 2014−16)
11Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Phase I of the 3D Step-up Planof the
3D-I Medium-Term Plan(2011−13)
Phase I of the 3D Step-up Planof the
3D-I Medium-Term Plan(2011−13)
Develop New ValueDeliver the Best SolutionDevelop New ValueDeliver the Best Solution
Design the FutureDesign the Future
12
Shift in structure of the world economyShift in structure of the world economy(A change attributable to China, India and other Asian countries(A change attributable to China, India and other Asian countries.).)
Environmental issues, energy issues Environmental issues, energy issues & other global challenges & other global challenges
CSR is attracting considerable attention.CSR is attracting considerable attention.
Appreciation of the yen and rise in raw fuel prices/Increasingly intense global price competition
Appreciation of the yen and rise in raw fuel prices/Increasingly intense global price competition
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
13
1) Sales: ¥420 billionOperating profit: ¥45 billion
2) Accelerated development of new businesses
Long-term target: Development of new businesses, ¥10 billion in sales × 5 units
Design the Future Designing the future & addressing the challenge of
attaining future targets
Design the Future Designing the future & addressing the challenge of
attaining future targets
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
14
1) Development of new businessesFor the electronics & information industry and the display device industry
2) Enhancement of core businesses3) Increased cost-competitiveness4) Development and enhancement of businesses from a global
perspective5) Enhanced cooperation with business partners6) Pursuit of M&A from a strategic perspective7) Enhancement of business foundations
• We should promote production innovation, process innovation, andwork innovation to further improve our productivity and reduce environmental impacts.
• All divisions of the Daicel Group should cooperate in strengthening the power of the Daicel Group.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
15
120 120 113 120
FY 2007FY 2008FY 2009FY 2010
FY 2013
30% 30% increaseincrease
Increase in research & development costs
(¥100 million)
Increase in research & development costs
(¥100 million)
Enhancement of the R&D systemIncremental allotment of budget from the viewpoint of development of new businesses)(
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
16
Materials Materials
High Performance Materials
High Performance Materials
High Performance Parts
High Performance Parts
Module Module
High Performance Films Prevent light-based
interference phenomenon
Anti-Newton Ring Film Anti-Newton Ring Film
Control of Light-Scattering Anisotropic Light-Scattering Film Anisotropic Light-Scattering Film
Epoxy resin Epoxy resin
LED encapsulantLED encapsulantTAC TAC
Acetic anhydride Acetic anhydride
Peracetic acid Peracetic acid Acetic acidAcetic acid
High Performance Chemicals
LCD
Polarizer
TAC film LED
BLU
* Image chart in display device
The Best Solution A shift from raw materials to High Performance Materials and Parts
The Best Solution A shift from raw materials to High Performance Materials and Parts
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Improvement of display devices to cope with rapid technological innovationImprovement of display devices to cope with rapid technological innovation
17
Development of New Businesses (Target Areas)
Development of New Businesses (Target Areas)
2015 2013
Using our proprietary technologies, we can incorporate the required features in
our products.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
18
CorporateCorporate
Organic ChemicalsOrganic
ChemicalsCellulosic
DerivativesCellulosic
Derivatives
Pyrotechnic Devices
Pyrotechnic Devices Plastics Plastics
ContactContact Core business
Core business
CorporateDevelopment of new businesses
CorporateDevelopment of new businesses
In accordance with our business strategies, we should conduct research and development of businesses and open up new markets.
We should discover latent needs, trends, and innovative technologies while utilizing the market access provided by our core businesses.In order to develop products that meet true customer needs, we should repeat the cycle of “proposal and evaluation by the customer.”
Approach to Areas Related to Core BusinessesApproach to Areas Related to Core Businesses
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
19
Anti-Newton ring filmHigh-barrier films
Transparent elastomer film Anisotropiclight-scattering film
We must create new businesses with a particular focus on the electronics industry.
Transparent layer filling material
Optical lens materials
Silver nano-ink for ink-jet printers Liquid encapsulants
High-performanceChemical Product
Project
High-performanceChemical Product
Project
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
High-performance Film Project
High-performance Film Project
20
JapanJapan Outside JapanOutside Japan
Other marketsOther markets
AsiaAsia12%
25%37%63%
FY 2009FY 2009
¥320.2 billion
61%
13%
27%40%
FY 2010FY 2010
¥357 billion
We should increase our sales particularly to China, India, and other countries of Asia. We should increase our sales particularly We should increase our sales particularly to China, India, and other countries of Asia. to China, India, and other countries of Asia.
45%33%
12%
55%
FY 20FY 201313
¥420 billion
We should strive to increase international sales to more than 45% of total sales.We should strive to increase international sales to more than 45% of total sales.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
21
¥420 billion11 %
Sales: ¥357 billionOperating profit rate: 9.5%
Estimate for FY 2010Estimate for FY 2010
Target for FY 2013Target for FY 2013
Creating a platform for Creating a platform for new businessnew business
Promotion of technical synergiesPromotion of technical synergies
Targeting total sales of ¥100 billionTargeting total sales of ¥100 billion
SCOPE SCOPE 1 1
SCOPE SCOPE 2 2
Extension of the value chainExtension of the value chain
Enhancement of the Enhancement of the core business basecore business base
Earn
ings
rate
Sales scale
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
22
Expansion Expansion
CorporateNew businesses
CorporateNew businesses
A tool that can knit warps and wefts (image)
Rapid industrialization at the research/development stageDevelopment of existing technologiesReciprocal linking of technologiesElongation of technical chainReducing the distance between technology and the market
Clarification (discovering or becoming aware) of latent technologies and expertise
Shift to “visualization”Unification of language
The required action is to determine the basis of manufacturing
The required action is to determine the basis of manufacturing
Core businessCore business
Related areaRelated area
Technology integration
A tool that can stimulate market development through our own technologies and expertise
(Development in addition to the production area)
A tool that can stimulate market development through our own technologies and expertise
(Development in addition to the production area)
Daicel’sDaicel’s
Further growth of core
businesses
Further growth of core
businessesDevelopment of new businessesDevelopment of new businesses
Globalization
Enhancement of the production baseEnhancement of the production base
Enhancement of corporate functionsEnhancement of corporate functions
Existing methodExisting method New methodNew method Prom
otio
n
productionproduction innovationinnovation
Expa
nsio
nEx
pans
ion
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
23
Energy conservation Human resource development Cost reduction
The production innovation
In order to “deliver the best solutions,” we must continue to enhance our manufacturing bases.
In order to “deliver the best solutions,” we must continue to enhance our manufacturing bases.
Process-typeAssembly-typeProcessing- type
Energy-efficiency targetAnnual average reduction in energy use: 1% minimum
Cost-reduction target¥6 billion reduction from FY 2009 level
The affairs innovation
The process innovation
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
24
Sales 4,170 3,780 3,202 3,570 3,750 3,900 4,200Operating profit 322 106 209 340 360 400 450Ordinary profit 279 82 200 320 350 400 450
Net profit 137 13 111 175 180 210 230
Result forFY 2007
Result forFY 2008
Result forFY 2009
Estimate forFY 2010
Plan forFY 2011
Plan forFY 2012
Plan forFY 2013
4,1703,780 3,570 3,750 3,900
4,200
3,202
322
106209
340 360 400450
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Sales
Operating profit
(¥100 million)(¥100 million)
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
25
72 47 33
64
3525
11
234323302
99
5555
6256
684770
28
38
9342127
30
67
5410
7
46
0
100
200
300
400
500
600
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Cellulosic Derivatives Organic Chemicals Plastics Pyrotechnic Devices Other products companywide
Approx. Approx. ¥¥165 billion165 billion
242 242
165 165 110 110
400 390
240
((¥¥100 million) 100 million)
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
26
219219 233 233 287 287
386 386 367 367 330 330 310 290 300
166 155
83 8582
74 7266
4646
41 45 7912764 59
7669 75
7034 4451
52 99
11
11
1011
0
100
200
300
400
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
((¥¥100 million) 100 million)
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
Cellulosic Derivatives Organic Chemicals Plastics Pyrotechnic Devices Other products companywide
27
((¥¥100 million) 100 million)
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013Result Estimate Plan Plan Plan
664 580 480 550 530Cash flow (A) by sales(Depreciation) (367) (330) (300) (290) (310)
165 140 230 370 520Cash flow (B) by investment(Investment in plant & equipment) ( 165) ( 110) ( 240) ( 390) ( 400)
Free cash flow (A) + (B)
499 440 250 180 10
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
28
230
175
111
13
137
Result forFY 2007
Result forFY 2008
Result forFY 2009
Estimate forFY 2010
Plan for FY 2013
Target
EquityNet profit
8.2%
10%
8.7%
5.6%
0.7%
7.2%
ROE
ROE target: 10%ROE target: 10%((¥¥100 million) 100 million)
2,391 2,391 2,115 2,115
2,290 2,290 2,400 2,400
3,000 3,000
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
29
Policy • We will maintain a stable and continuous dividend payment to our shareholders with
due consideration for our annual consolidated performance.• To establish a solid earnings base, we will increase our internal reserves.
Considering these points, we seek to establish a balanced profit-sharing system with a long-term perspective.
We will use flexibility in acquiring treasury shares to support our dividend payment.
Rate of dividend payment to shareholders* Target: 30%
* Rate of dividend payment to shareholders = (total dividend payment + treasury shares acquired) / consolidated net profit
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
30
725 724 742 770 755 760 810
1,012 911 769 820 885 912 963
1,7131,481
1,1161,375 1,465 1,540 1,639
654600
513540 575 611
698
6664
6265
70 7790
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
Other products
Pyrotechnic Devices
Plastics
Organic Chemicals
Cellulosic Derivatives
(¥100 million) (¥100 million)
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
31
83 121 125 125 133 136117 59 77 81 90 99
14353
145 152 170 19456
48
63 7581
95
△ 83 △ 76 △ 80 △ 80 △ 83 △ 85 △ 8522478027
6
6
8
10 1011
11
FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
CompanywideOther productsPyrotechnic DevicesPlastics Organic ChemicalsCellulosic Derivatives
(¥100 million) (¥100 million)
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
32
Business Environment
The flat panel display (FPD) market is expanding.Prices of FPD parts are falling.Global demand for cigarette filter tow continues to rise by 1 to 2% annually.
Action PlanWe should enhance R&D of optical display materials in order to ensure continuous development of our TAC-related business.We should consider introducing additional machinery in order to increase production of acetate tow.We should diversify our sources of raw material.We should strengthen our cost-competitiveness in cooperation with our business partners.We should seek out and grow new businesses in order to establish a third pillar.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
33
Business Environment Acetic acid is in high demand in Asia.
The electronics & information industry continues to develop.Foreign competition in products is intensifying.Chiral chemical development has shifted to India and China.
Action PlanWe should enhance and extend the acetyl chain and ethanol chain.We should procure a stable supply of low-priced materials and differentiate our products from others by ensuring high quality.We should consider enhancement of the peracetic acid derivative business.We should develop more functional materials for new businesses, such as LED encapsulants.Chiral business: We should promote global development of the chiralchemical business. We should take up the challenge of starting a life sciences business.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
34
Extension and enhancement of ethanol chainExtension and enhancement of ethanol chain
Raw material replaced in 2007Raw material Raw material replaced in 2007replaced in 2007
From 50,000 tons in 2009 to 75,000 tons by the end of 2011
From 50,000 tons in From 50,000 tons in 2009 to 75,000 tons 2009 to 75,000 tons by the end of 2011by the end of 2011
C2 chemicals, acetaldehyde derivatives
Acetaldehyde
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
35
Encapsulants for LEDs and semiconductors; semiconductor mounting materials; materials for lithium ion batteries and solar cells; materials for power semiconductors and printable electronics; heat-resistant resins for optical lenses, etc.
High Performance Chemicals
Functional Chemicals
Alicyclic epoxyWe should maintain our industry-leading market share.
LactoneWe should become the leading company in the world.
Solvent, retarder thinnerSolvents are in great demand in the electronic material industry. Strengthening the solvent business will strengthen the foundation of the acetyl chain business.
We have a technical service We have a technical service function in Taiwan.function in Taiwan.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
36
DCTC DCTC
DCTC Beijing Branch DCTC
Beijing Branch
Chiral Technologies, Inc. Chiral Technologies Europe S.A.S.
Daicel Chiral Technologies (China) Co., Ltd.
Daicel Chiral Technologies (India) Pvt. Ltd.
We should maintain/increase our share in the Japanese, North American, and European markets.We should enhance technical service and increase sales in the growth areas (India and China).
The DCTC Beijing Branch will begin operation in Spring 2011.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
37
Business Environment The electronic device industry is developing.
Businesses are growing in Asia, particularly in China and India.Competition with Asian manufacturers is becoming increasingly intense.The social/industrial structure is changing.
The environmental, energy, and safety industries will continue to grow.
Action Plan
PolyplasticsPolyplasticsWe should advance further into the Chinese and Indian markets.For growth industries, we should develop new applications and new products.We should optimize our production bases and processes.
Resin processing Resin processing businessbusiness
We should determine whether it is possible to develop this business in Asian markets.We should develop high-performance products (films, molded products, etc.).
Resin compound businessResin compound businessWe should increase and enhance our offshore business bases.We should shift more toward local raw material procurement.We should develop products with high-value-added compounds.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
38
Daicel PolymerProduction/sales networks were established in Asia (Shanghai, Hong Kong, Guangzhou, and Singapore) to increase sales of our products, particularly auto parts products.We are considering establishing a company in Thailand (FS is already in operation).
PolyplasticsWe should promote technical solutions.We should develop our business in developing countries, particularly in China and India.We should enhance our ability to ensure further growth (LCP, POM).We should further develop the environmental, energy, and safety businesses.
Daicel Polymer Ltd.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
39
Topas® COCTopas® COC
We should enter profitability during the implementation period oWe should enter profitability during the implementation period of this mediumf this medium--term plan.term plan.Market developmentMarket development
Asia:Asia: We should concentrate on four businesses: industrial films, optiWe should concentrate on four businesses: industrial films, optical films, lens/light transmission cal films, lens/light transmission plates, and the medical business.plates, and the medical business.
USA:USA: We should concentrate all our energies on the medical business aWe should concentrate all our energies on the medical business and packaging business.nd packaging business.EU:EU: We should develop new markets for our industrial business in addWe should develop new markets for our industrial business in addition to the packaging and ition to the packaging and
medical businesses.medical businesses.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
40
Business Environment
Action Plan
InflatorsInflatorsAutomobile production:From 63 million vehicles in 2010 to 80 million vehicles in 2013 (Vehicle production will increase in developing countries, particularly in China.)Price competition will become much more intense.
Aerospace & Defense SystemsAerospace & Defense SystemsThe budget for defense has been substantially reduced due to a change in the defense posture.
InflatorsInflatorsWe should promote the development of competitive new products and develop products for new businesses.We should upgrade our safety, quality, productivity, and physical distribution.We should promote research and consideration of establishing new business bases.
Aerospace & Defense SystemsAerospace & Defense SystemsWe should increase R&D in order to develop our governmental businesses and should consider expanding into the private sector as well.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
41
We aim to increase our global market share to 30% in 2020 We aim to increase our global market share to 30% in 2020 (by increasing our sales in developing countries, (by increasing our sales in developing countries, particularly in China).particularly in China).We should enhance and strengthen our global fiveWe should enhance and strengthen our global five--pole pole system (we should upgrade customer service at our system (we should upgrade customer service at our business bases outside Japan).business bases outside Japan).We should maintain a high level of safety and quality from a We should maintain a high level of safety and quality from a global perspective.global perspective.We should promote research and consideration of We should promote research and consideration of establishing new business bases outside Japan.establishing new business bases outside Japan.
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
42
Niche Top RichNiche Top RichNiche Top Rich
We aim to increase our sales to ¥10 billion by fiscal 2020.In addition to enhancing our membrane module business, we shoulddevelop our machinery/system business and maintenance business. We should sell many more membrane modules and machinery/systems in Asian markets.
• Underground/industrial water utilization system • “E-Mizu shower”• Dialysis water purification system
Daicel Chemical has developed membrane separation technology andwater processing technology. The Central Filter Group has developed a
filtration technology and maintenance technology. We should incorporate these excellent technologies in our products in order to
further expand our business.
Maintenance
ModulesUnique
membrane manufacturing
MachineryMachinery
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
43
We will rename Daicel Chemical Industries, Ltd. as
Daicel CorporationWe have developed assembly/processing businesses for inflators and other products; these are now our core businesses and they are outside the scope of the chemical industry.
With our diverse proprietary technologies and expertise, Daicel will continue to grow outside the domain of the chemical industry.
All Daicel Group companies will strive to deliver the “best solutions”worldwide and will grow to become a truly global company.
The Company will be renamed on October 1, 2011.(The company name will be changed only if the proposal is approved by shareholders at the periodic general meeting to be held at the end of June this year.)
Description of New Medium-Term Plan(Prepared for Explanatory Meeting)
44Description of New Medium-Term Plan(Prepared for Explanatory Meeting) 44
Notes regarding ForwardNotes regarding Forward--Looking StatementsLooking Statements
The purpose of this document is to provide information and not tThe purpose of this document is to provide information and not to persuade o persuade any individual to take any action in response to the informationany individual to take any action in response to the information contained in contained in this document. Daicel has made the greatest possible effort to pthis document. Daicel has made the greatest possible effort to prepare this repare this document with accurate information. The information in this docudocument with accurate information. The information in this document, ment, however, may be inaccurate and may involve risk, and we do not ghowever, may be inaccurate and may involve risk, and we do not guarantee uarantee the accuracy or reliability of this information.the accuracy or reliability of this information.
The reader is advised that the use of the information in this doThe reader is advised that the use of the information in this document is at cument is at your own risk. Any investment according to the prospects, targetyour own risk. Any investment according to the prospects, target values, etc. values, etc. appearing in this document might result in a loss. Daicel acceptappearing in this document might result in a loss. Daicel accepts no s no responsibility for such an eventuality.responsibility for such an eventuality.
All rights reserved by Daicel Chemical Industries, Ltd.All rights reserved by Daicel Chemical Industries, Ltd.This document shall not be copied or distributed to a third partThis document shall not be copied or distributed to a third party without the y without the permission of Daicel Chemical Industries, Ltd.permission of Daicel Chemical Industries, Ltd.