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To all stakeholders,
I am honored and delighted to inform all our stakeholders that I assumed the role of CEO of P.S. Mitsubishi Construction at the Board of Directorsf meeting on June 26, 2008.
As you may know, the Japanese construction industry is now faced with challenges due to a sharp decline in construction investment, whose total amount has decreased to approximately 60 percent from the peak level; in particular, public works, which account for the major portion of civil work projects in Japan, have been reduced almost by half. Amid the even fiercer market competition resulting from the situation, it is necessary for Japanese construction businesses to transform themselves to adapt to changing social trends and to identify new business opportunities. Although I understand that leading a construction company under these circumstances is an extremely challenging task, I am determined to do my utmost in my new role, focusing on enhancing the companyfs capabilities and strengths, to overcome the difficult situation and achieve successful business growth.
In the previous fiscal year, we designed the three-year management plan of redesigning and establishing the optimal organizational structure, human resources and management scheme to ensure sound and profitable business operation, based on an appropriate sales target determined in light of the environment surrounding the construction industry. The plan has been successfully under way since April.
I am convinced that enhancing existing strengths and skills is the most effective way for us to make our business more competitive and profitable. The greatest strength of P.S. Mitsubishi Construction is expertise and experience in prestressed and precast concrete methods, which we have developed through bridge construction works. We have begun to apply these methods, which can provide greater strength, durability and earthquake resistance, to more general construction projects. I am glad to inform you that we have obtained more contracts using these techniques. In addition, P.S. Mitsubishi has several subsidiaries nationwide including a factory for prestressed and precast concrete products, an operator of large construction machinery and equipment, and a maintenance service provider, which enables us to provide a comprehensive construction service. Based on these advantages, we are striving to become a leading general contractor in Japan, focusing on prestressed and precast concrete methods.
I will try to enhance our business value based on these unique techniques, while redesigning and upgrading the internal management system and CSR promotion programs at P.S. Mitsubishi and its group companies.
All members of the construction, administration and management sections at P.S. Mitsubishi Construction are determined to make a concerted effort to further advance our business, overcoming the severe business conditions. In this regard, I will sincerely appreciate your continued support and assistance.
Sincerely,
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