In April 2002, Toray Industries, Inc. established the long-term corporate vision, "AP-New TORAY21" as a roadmap for our transformation into a New Toray for the 21st Century. Under this vision, Toray has aggressively pursued initiatives such as strengthening corporate structure through radical steps and further reform the business structure through management reforms under the auspices of the mid-term management reform programs, "Project NT21" and "Project NT-II" ("NT Reforms").
On the other hand, major shifts in the global society are bringing forth changes at an unexpected pace, and the management environment we face is increasingly uncertain and unstable. To maintain sustainable growth while quickly adapting to this dynamic environment, it is becoming more and more essential that we evolve and create new value while building a more stable management foundation.
In April 2006, Toray celebrated its 80th year anniversary in business. Taking this opportunity, Toray adopted "AP-Innovation TORAY 21", new long-term corporate vision that will guide Toray Group's collective management activities in efforts to achieve further advances and development for Toray Group in the 21st century.
"AP-Innovation TORAY 21" includes the corporate slogan, "Innovation by Chemistry". Under this effort, Toray Group will aim to be a global top business group of the advanced materials by pursuing technological innovation with the Group's core technologies and integration of these technologies. In addition to technological innovation, Toray Group will strive for innovation in every aspect of its operations in an effort to create new value.
To realize the vision, the Group launched the new mid-term business strategies "Project Innovation TORAY 2010 (IT-2010)", which has defined management goals, major management issues and basic strategy around 2010, in October 2006.
IT-2010 cites "Five Innovations" as key management issues. These are "business structure", "technologies", "competitiveness", "business-awareness", and "CSR". The Group is also seeking to change the direction of management toward Innovation (Management with Innovation) through "Eight Projects" and so on. Toray Group is targeting ¥1,800 billion in consolidated net sales and ¥150 billion in consolidated operating income by around 2010.
