During these years, the effects of the collapse of the economic bubble weighed heavily on the construction industry, and a series of listed companies filed applications under the Corporate Reorganization Act. In FY 2003, investment for construction fell to about 64% of that in the peak year of FY 1992, further increasing the severity of the management environment.
Amid these circumstances, Toyo Construction grappled with a number of measures that included securing the profitability of its core businesses, reducing interest-bearing debt, selling off nonperforming assets, and reducing back-off personnel and expenses. Nevertheless, the Company was forced into a position where drastic measures were necessary in order to respond to the rapid contraction of market scale.
On June 10, 2003, the Company announced the Toyo Value-Up Plan with the basic targets of securing business performance in offshore civil work, stably achieving an operating profit of \5 billion, and reducing interesting-bearing debt by \50 billion. Measures to strengthen financial fundamentals were also implemented, including financial support by establishing a framework for debt forgiveness and special financing, capital reduction and reduction of capital reserves, and issuance of preferred shares and a third-party allocation of shares to Maeda Corporation, thereby sweeping away the negative legacy of the past and putting the Company on a new course.
|March 1999||Received order for second phase airport island seawall construction at Kansai International Airport.|
|July 1999||Received company-wide ISO9001 certification.|
|February 2000||Received order for seawall construction at Chubu (Centrair) International Airport.|
|June 2000||Introduction of the executive director system.|
|February 2001||Received company-wide ISO14001 certification.|
|July 2002||Announcement of business cooperation with Maeda Corporation.|
|June 2003||Announcement of the “Toyo Value-Up Plan.”|
|September 2003||Capital decrease (¥20 billion; to other capital surplus), and issuance of preferred stock. Received debt forgiveness.|
|October 2003||Implementation of third-party allocation of shares. Maeda Corporation becomes Toyo’s largest stockholder.|
Since the announcement of the “Toyo Value-Up Plan,” Toyo Construction has conducted management in a way that prioritizes profitability with the aim of being a company whose existence has value, and has also endeavored to strengthen compliance and CSR.
In recent years, Toyo has advanced into Southeast Asia centering on the Philippines, and Africa, while implementing thoroughgoing risk management, aiming at a gradual expansion of its overseas business.
Following the Great East Japan Earthquake on March 11, 2011, Toyo Construction immediately began work to clear and reopen ports, and fully demonstrated the technical capabilities that it has cultivated over many years as a marine contractor across a wide range of the disaster-stricken area, beginning with ports and harbors. Toyo grappled with this work with the aim of achieving recovery and reconstruction as quickly as possible.
There are many situations in which Toyo Construction’s technical capabilities are necessary, in improvement of social capital, recovery after disasters, and other areas. In the future, Toyo will continue to devote ourselves to technology and put even greater effort into the development of human resources in order to respond the expectations placed on this Company.
|April 2004||Mr. Norihiko Akai named President.|
|January 2005||Hanoi Sales Office opened.|
|March 2005||Received order for Tokyo International Airport Runway D exterior construction.|
|September 2007||Head Office moved from Kandanishikicho, Chiyoda-ku, Tokyo, to Omi, Koto-ku, Tokyo.|
|July 2009||Celebration of 80th Anniversary.|
|April 2010||Mr. Shigeki Mori named President.|
|July 2011||Received order for Mombasa Port Container Terminal Development project (Kenya).|
|March 2012||Received order for emergency rehabilitation work at Tanjun Priok Port (Indonesia).|
|October 2012||Reverse stock split (one share for 5 shares).|
|October 2013||Received order for Nghi Son Refinery plant offshore work (Vietnam).|
|April 2014||Mr. Kyoji Takezawa named President.|