On March 14, 2007, Nippon Paint marked the 126th anniversary of its foundation. This milestone would have been impossible without the continued support of our customers and associates, for which I would like to express my heartfelt appreciation on behalf of our directors and employees.
Nippon Paint's history dates back to 1881 when Komyosha (the predecessor of Nippon Paint) was set up in Mita, Tokyo. In its early days, the main product that the company handled was zinc oxide, a product considered highly useful as a substitute for lead white widely used at that time. In 1897, the company's zinc oxide production method was filed as patent No. 85, which symbolizes Nippon Paint's long-lasting tradition and continued leadership in technological innovation. Along with the start of domestic production of coating for battleships, which had formerly relied on imports, Nippon Paint launched a full-scale paint business. For over 110 years, Nippon Paint has done its share in Japan's paint industry and contributed to the nation's development.
The road our company took from its start to date was far from an easy one. I've heard that during the last stage of World War II, our two main plants in Tokyo and Osaka were attacked from the air, with the Osaka Plant in particular experiencing catastrophic damage. However, our predecessors' untiring efforts made it possible to quickly restore our facilities. Also, in the 1960s, the company advanced into the Southeast Asian market in slightly more than 10 years after the end of WWII. This resulted in a solid footing for today's development of the Nippon Paint Group. Nippon Paint's past 126 years can be compared to a relay race in which senior members pass the baton to junior members of the company. I truly am proud of this long history and, at the same time, I am aware of the responsibility we assume today for passing on the company in better form to future generations.
On last year's foundation day, I called on all employees to get started together on a major reform project that helps to assure the company's sustained growth. What I meant was to embark on our long-term management plan targeting the year 2010. In the present fiscal year, which is the initial year of our management plan, we were able to make a fairly good start. We will integrate our total group efforts as we work to develop our group into the leading paint manufacturer in Asia, and to command by the year 2010 unmatched strength in name and reality. With "visionary ideas and unsurpassed craftsmanship" as our motto, let us continue to exert our concerted and united efforts to make a significant leap forward.
