In February 2024, the Tadano Group released the Mid-Term Management Plan (24-26) under the slogan "Reaching new heights - Entering a new era -." As a global leading company, Tadano provides new value focused on the safety of our customers and the environment, and is carrying out a strategy for future growth. The group has joined together to implement the framework that consists of (1) Advancing decarbonization, (2) Venture into new areas, (3) Manufacturing reforms that leverage strengths, and (4) Establishing footholds to support transformation.
In fiscal year 2024, as the first year of the Mid-Term Management Plan, we made a start toward further great advances by the Tadano Group in the future through challenging ourselves in new areas, including by acquiring Nagano Industry Co., Ltd. (now: Tadano Utilities Ltd.) as a wholly-owned subsidiary, and deciding to acquire Manitex International, Inc. and the transport systems business of IHI Transport Machinery Co., Ltd. We also began sales in the North American market of the fully electrified rough terrain crane that was released in Japan in 2023, and carried out development of diesel engine and electric motor hybrid products. We will increase the variety of our environmentally friendly products, address the achievement of a decarbonized society and future changes in the construction market, and lead the industry in terms of environmental solutions.
As the environment surrounding manufacturing changes at a dizzying pace, including electrification, the group will work together as "One Tadano," and intends to accelerate the clear transformations that will put us on a path to greater growth.
Specifically, by reorganizing the Europe production system and shifting overseas production models to Japan, we aim to establish a world-optimal global production system. By leveraging the strengths of each of our globally distributed plants, we will work to improve quality and lower costs, and increase the brand value of the Tadano Group.
We will also directly face social issues including measures to combat global warming, reforming work styles, and the labor shortage resulting due to the declining birthrate and aging population in Japan. Moreover, we will promote the market expansion of zero carbon products, accelerate the automation of production processes, and deliver even better manufacturing and products.
The Tadano Group will focus on "management in consideration of capital cost and stock price" and "addressing sustainability issues" aiming for sustainable growth, and will meet the expectations of all stakeholders and maximize corporate value as we work to achieve our goal of "Pursuing Further Excellence for the World and the Future."
We look forward to your continued understanding and support.