Japan’s Fujitec Strategizes To Improve 2024 Profitability

Japan’s Fujitec Co., Ltd. said it aims to improve profitability for the fiscal year ending March 31, 2024, through “sales strategies tailored to [individual] market characteristics and cost reforms based on production and operations strategies.” The plans were revealed in Fujitec’s recently release Integrated Report 2023, which also stated that, based on the assumption that economic recovery will continue, the company expects net sales of JPY226 billion (US$1.6 billion), up 8.9% year-on-year (YoY), and operating income of JPY13.8 billion (US$97.8 million), up 18.8% YoY. Fujitec’s strategies in specific markets include, in Japan, which is a mature market, expanding sales of its standard machine-room-less XIOR elevator, completing large-scale, new-installation projects and collaborating more closely with customers on new installations and after-market sales. In the Americas/Europe, which are also mature markets with limited room for growth in new installations, the company will focus on furthering growth in the North American market following the acquisition of Mexico’s Elevadores EV International, S.A. and expanding on Environmental Product Declarations achieved. In East Asia, which includes the world’s largest market, China, Fujitec will be building a structure for new business with a focus on global standards and advancing plant production automation at Fujitec Taiwan to improve profitability. In South Asia, where new installations are expected to grow rapidly, Fujitec is constructing a second plant and research tower at Fujitec India to bolster the production base and growing its market share in the Indian state of Gujarat and beyond following the acquisition of Express Lifts Ltd.