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New Year's Greeting 2023January 5, 2023Press Release

I would like to wish everyone a happy New Year.

Last year, while global economic activity was gradually on the road to recovery following the COVID-19 pandemic, the business environment continued to remain unstable and challenging throughout the year due to international conflicts and currency exchange fluctuations, in addition to the surging price of raw material and fuel as well as the shortage in semiconductors.

Under such conditions, NTN will steadily implement the following measures while accelerating the transformation of its business structure.

In the aftermarket business, we will set up a supply system that can respond to a strong demand recovery, which will lead to an increase in sales. We have started the shift to production of standard type ball bearings at foreign suppliers, which has been in place for some time now, and also started full-scale operations at the new Wakayama plant. Taking full advantage of the inventory replenishment system for popular products, called FIRST, we will be in a strong position to accommodate demand.

In the industrial machinery business, we expect the increase of the demand for products such as gearboxes and railway rolling stock which will lead to steady business expansion. In the field of wind turbines, which is expected to grow further in the near future, we will start a maintenance business and contribute to the stable operation of wind turbines and market developments as a supplier that consistently provides a range of products and services from high performance bearings, a high precision condition monitoring service (CMS), and suitable maintenance to aftermarket bearings.

In the automotive business, we will respond to the recovering demand with effective production. The rising price of steel and fuel has settled down, but we will continue to proceed with negotiations to achieve a fair price, which will lead to securing a steady profit while expanding sales. In terms of product development, we will move forward with development and proposals of our core products that meet the needs of EV and electrification, in addition to the High Efficiency Fixed Type CVJ “CFJ,” which boasts the world's highest standard in transmission efficiency and started mass-production last fall. At the same time, we will actively work on the development of module products that utilize our core technology.

In addition to our existing businesses, we will also proceed with initiatives in new fields expected to provide future growth. Amid the increase in automation and labor-saving at the manufacturing site, we will move forward with the development and proposals of products that utilize IoT technology, which contributes to improvements in equipment utilization. Last year, we developed the Talking Bearing™, a bearing integrated with a sensor that can detect bearing failure. We will accelerate the development of a business model that combines services such as data analysis with products that utilize all of NTN's expertise concerning bearings to date, such as CMS for wind turbines, bearing diagnostic applications, and the NTN Portable Vibroscope that can be carried around.

The NTN Group promotes ESG management for medium to long-term sustainable growth. Last year, we decided to set the target year for achieving carbon neutrality to be FY2035 for Scope 1 and 2, and FY2050 for Scope 3. We will also launch in-house projects and work as an entire company toward the achievement of decarbonization. We are also actively investing in human resources that support our business activities based on the idea of human capital management. We will continue to make efforts in the future to achieve a company where employees can continue to enjoy working and find satisfaction in their job through the implementation of engagement surveys for employees and the creation of a new company award system to encourage ESG activities. In terms of our management system, last year a female outside director was appointed to the position of Chairperson of the Board of Directors. We will work to further strengthen governance by improving the effectiveness of supervision while maintaining diversity.

This year marks the final year of the Medium-term Management Plan “DRIVE NTN100” Phase 2. Through the steady implementation of measures, we will inevitably revitalize NTN while building a corporate structure that can respond to changes in the business environment.

In closing, I wish each of you and your families a happy and healthy New Year.

Eiichi Ukai
Director, Representative Executive Officer
President, Executive Officer, CEO (Chief Executive Officer)
NTN Corporation