On March 14, 2008, Nippon Paint marked the 127th 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 those early days, the main product the company handled was zinc oxide, a product considered highly useful as a substitute for lead white, which was widely used at the time. In 1897, the company's zinc oxide production method was filed as patent No. 85, the beginning of Nippon Paint's long tradition of leadership in technological innovation. With the start of domestic production of coating for battleships, which had formerly been strictly an import, 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 beginnings up to today has been far from easy. During the last stage of World War II, our two main plants in Tokyo and Osaka were bombed 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. In early 1960s, the company advanced into the Southeast Asian market, barely 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 127 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 condition to future generations.
Two years ago while celebrating our foundation day, I called on all employees to start together on a major reform project that would ensure the company's sustained growth. Specifically, I was speaking of our long-term management plan targeting the year 2010. During the first and second years of this management plan, our focus was on strengthening the corporate foundation of Nippon Paint. Having completed this two-year preparatory period, we already have a head start for competing in the marketplace during fiscal 2008. We will integrate the efforts of the entire Nippon Paint Group as we work to develop our company into the leading paint manufacturer in Asia. I strongly believe that if we do this, we should be able to command unmatched strength against the competition by the year 2010. Adhering to "credibility" as our guiding principle, and with "visionary ideas and unsurpassed craftsmanship" as our motto, we will continue to exert our concerted and united efforts to make a significant leap forward.
