JTEKT Reports Koyo Results for 2006

JTEKT Reports Koyo Results for 2006 JTEKT Corp. (Japan, created January 1, 2006 by the merger of Koyo Seiko and Toyoda Machine Works), parent company of Koyo Seiko (the "legally surviving entity") reported financial results for fiscal year 2006, ended March 31, 2006. For 2006, the combined companies' sales were ¥ 724 billion (USD $6.2 billion), up from ¥ 570 billion in 2005. Of the total, 68% was Koyo Seiko and 32% was Toyoda. The combined Net income for 2006 was ¥ 27 billion ($232 million), up from ¥ 16 billion in 2005. For 2006, Koyo contributed 66%, and Toyoda 34%. Koyo was established in 1935 and, depending on the method used, is usually noted as the world's sixth largest bearing manufacturer. The company not only produces bearings, but steering systems and other automotive-related products stemming from the bearing business. Kohshi Yoshida, Koyo's former president, was named President of JTEKT. JTEKT describes its mission in the bearing industry to, "obtain the number one share of the worldwide automotive bearing market." Also to, "strengthen three Industrial equipment bearing fields (steel mill bearings, windmill power generation bearings, machine tool bearings) and be among the world's top suppliers in each." The Bearing Business Operations Headquarters is in Osaka. Outside its numerous operations in Japan, there are two bearing plants in Europe, eight in Asia other than Japan, and one in North America. However, the company recently announced it is expanding North American bearing production: