Profile

StrategyFoundation

New Medium-Term Management Plan 2025

Accelerate Transformation
to Realize Our Vision
In March 2022, the Sanyo Chemical Group announced “WakuWaku Explosion 2030,”
which envisions our vision for 2030 based on our company mission, “Establish a better
society through our corporate activities.”
One year later, in May 2023, we launched the three-year New Medium-Term Management
Plan 2025 as the first phase toward achieving our Vision 2030. The Group is now united inits efforts to “Accelerate Transformation to Realize Our Vision.”

WakuWaku Explosion 2030
Transformation Toward the Vision

Support the Environment

New Growth
PathContribution on resolving socialand environmental issues throughthe innovation beyond the boundaries of chemistry

Growth fromCore
Business

Growth through expansion andevolution of our core businessdomains

Reformationof Existing
Business

Acceleration of structural reformand business transformation withan environmental perspective

Contribution to Carbon Neutrality

Support People andTheir Lives
Improvement of QOL

Support Diversity
Improvement of Job Satisfaction

Sanyo Chemical Group Integrated Report 2023

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Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Business
Strategy

Basic Policies

1. Growth from Core BusinessBusiness Strategy
Positioning chemicals for special fibers, chemicals for special electronic parts, lubricant additives, permanent antistatic

1. Growth from Core Business

2. Reformation of Existing Business3. Global Deployment

We will position five focus product groups
that contribute to carbon neutrality (CN)and improvement of QOL (quality of life)
as “high-value-added products categories,” and accelerate research anddevelopment as well as capital investmentin these product categories in order togenerate earnings.

We will improve profitability by transforming the business process throughout the
supply chain and implementing structuralreforms in the polyurethane and superabsorbent polymer (SAP) businesses.

We will expand facilities in overseas
plants and strengthen the functions ofoverseas sales offices.

agents, and medical and pharmaceutical products, which contribute to carbon neutrality and the improvement of QOL, asfive focus product groups, we plan to make capital investment of nine billion yen from FY2021 to FY2025, which includes
the period of the Medium-Term Management Plan. We expect an incremental operating profit of 2.5 billion yen from thiscapital investment, and aim to achieve an operating profit of 7.9 billion yen by FY2025 from the five focus product groups.
We will also consider additional investments in order to further expand our business.
Results and targets of sales / operating
profit / operating profit ratio for five focus
product groups

Toward the Future Beyond 2025
1. New Growth Path

2. Solutions to Social Issues

3. Initiatives to Support Growth

We will focus our resources on growing
areas where we can contribute to carbon
neutrality and improvement of QOL. We
will reinforce innovative actions including
opportunities for strategic alliances andM&A.

We aim to pursue significant reduction of
CO2 emissions through Carbon dioxide
Capture and Utilization (CCU).
We will proactively address human rights
issues in the supply chain.

We will promote human resources development and improvement of the work
environment.
We will manage with safety and quality as
our top priority and promote transparent
management.

16.7
32.4
5.4

Target Business Portfolio

Reflecting the external environment and the progress of internaltransformation, we have revised the target of “20 billion yen in
operating profit in FY2024” set forth in the management policy.

In order to transform our business portfolio, we will increase theproportion of high-value-added products that contribute to CN and
the improvement of QOL, as well as the overseas net sales ratio.

15 billion yen
ROIC

7.0％

200

190

180

12

10

2023

Overseas
Domestic

2024（plan）（plan）

2025（plan）

61％（FY）■ Operating proﬁt (billion yen)

Operating proﬁt ratio (%)

47％

36％

7.0

5.7

4.8

■ Sales (billion yen)

39％

（plan）

7.9

2025（plan）（FY）

2021

Product groups

CN

Chemicals for
special fibers

CN

Chemicals for
special electronic parts

CN

Lubricantadditives

QOL

Permanent
antistatic agents

QOL

Medical andpharmaceutical products

2022

2023

2024

2025

(FY)

Installation in
Kashima (2024/0.7)

9.0 billion yen

Expansion in China (2021/0.3), Installation in Korea (2021/2.4)
Planned expansion in Kashima and Kyoto (2025/0.8)
Incremental
operating profit
during the period of
the New Medium-Term
Management Plan

Installation in Thailand (2022/3.4)■ Operating proﬁt (billion yen)

Operating proﬁt ratio (%)(Note) Research and development expenses (approx. two billion yen peryear) related to new businesses are recorded as company-wide
expenses and are not included in the above operating profit.

FY2021 to 2025
Amount of
total investment

Expansion in Nagoya(2023/0.4, 2025/0.5)

Expansion in Nagoya (2024/0.1),
Expansion in Kyoto (2024/0.3)

2.5 billion yen(Note) (Start year / Investment amount [billion yen])Domestic

53％

Overseas47％

Chemicals for special fibers

CN

These products contribute to carbon neutrality. Our
chemicals for special fibers are mainly used for carbon

53％
Basic products

64％
Basic products

ROIC (%)

2024

Classification

High-value-added
products

High-value-added
products

7.5

6.3

5.6

■ Sales (billion yen)

Operating profit composition ratio

15

2023

（results） （plan）

FY2025 Quantitative Targets

7.3

6.6

19.2

40.9

39.1

37.4

2022

Operating profit

18.8

17.6

Accelerate capital investment in high-value-added products
・Secure profits by accelerating capital investment in the five focus product groups thatcan contribute to CN and QOL improvement.
・Consider additional investments aiming for further growth acceleration.

FY2021

FY2025fibers. Blades of windmills, which are one of the mainuses of carbon fibers (windmills, automobiles, aircraft,and pressure vessels), are seeing a rapid increase indemand due to the spread of renewable energy. Demand for carbon fibers is expected to expand as wind

Cash Flow and Investment Policy

power generation increases, and blades become larger.

We will improve our ability to generate cash based on our business strategy, and generate approximately 70 billion yen in operating cash
flow over the next three years. Of this amount, we plan to allocate approximately 50 billion yen to growth investment and approximately 20
billion yen to shareholder returns and the repayment of interest-bearing debts.

Targets for 2023–2025
OperatingCF

Operating CF
Approx. JPY 70 billion

Approx.
JPY
50 billion

InvestingCF

EBT: 37 billion
Profit increase from high-value-added products and basic products(Continuing intensive expenditures in R&D:
17 billion)
Depreciation: 34 billion
ERP system renewal and CAPEX

Financing
CF

Dividend

Debt

Working capital reduction: 5 billion
Cash generation by Monozukuri Transformation (Manufacturing Innovation)
Miscellaneous including taxes: -6 billion

Investing CF: Investment Plan of 50 Billion Yenover Three Years
Growth from Core Business (high-value-added
products): 5 billion
Production capacity increase in response to strong
demand and emerging markets
Reformation of Existing Business: 35 billion
Process optimization through Monozukuri Transformation and facility renovation/automation
New Growth Path (growing businesses): 10 billion
Strategic investment in M&A and commercialization of new businesses focusing on CN and
improvement of QOL

In addition, the development of applications in new fields
is progressing. In order to respond to growing demandfor carbon fibers, we have decided to increase the pro-Global market forecast for carbon fiber reinforced plastics
by application（t）

250,000duction capacity for sizing agents for carbon fibers. In

200,000

addition to the existing facilities at the Nagoya and Kyoto

150,000

Factories, we plan to establish a new production facility

100,000

at the Kashima Factory. The facility is scheduled to start

50,000operation in May 2024, increasing production capacity0

by approximately 50%. We will seek to secure a stable2018（results）

2025（forecast）

2030（forecast）（year）

supply of sizing agents for carbon fibers in order to re-■ Automobiles ■ Aircraft ■ Pressure vessels / Hydrogen tanks ■ Windmills ■ Other

spond to the growing global demand. We would also like(Source) C reated based on “Global carbon fiber reinforced plastics (CFRP/CFRTP) materials andtechnology report: Market size, applications, share, trends 2020” by FUJI KEIZAI CO., LTD.

to play a major role not only in the utilization of renewableenergy and the development of its industry, but also infurther capacity expansion in order to meet the growing

addressing climate change. We will continue to consider

demand for carbon fibers.

Reduction of cross-holding: -Several billion

17

Sanyo Chemical Group Integrated Report 2023

Sanyo Chemical Group Integrated Report 2023

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Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Chemicals for special electronic parts（Estimated by Sangyo-Joho Limited）

6,000

3,000

5,348

QOL

These products contribute to carbon neutrality. Our

These products contribute to the improvement of QOL.

chemicals for special electronic parts include electro-

Permanent antistatic agents are used in a wide range

lytes for aluminum electrolytic capacitors, which areof applications to prevent various problems caused bymainly used in electronic circuits. Electrolytes for alumi-

static electricity (destruction of electronic circuits, mal-num electrolytic capacitors are used in a wide range offunction of electrical appliances, adhesion of dust) andapplications, from general electronic devices to import-

accidents (fires, explosions). In recent years, in addition

ant electronic parts that support social infrastructure. Our

to an increase in demand centered on semiconductor

electrolytes for aluminum electrolytic capacitors exhibit

carrier trays and the packaging of electronic devices andhigh electrical conductivity over a wide temperature

precision parts, explosion-proof and other applications

range and are excellent in long-term stability at high tem-are expanding. In order to meet future demand expan-

peratures. As industry-standard long-run products, they

Forecast for global production of capacitors（billion yen）

Permanent antistatic agentsCNsion, we have launched a new production site at the

Semiconductor market forecast by productare used in capacitors that require higher reliability, such（million USD）

Rayong factory of Sanyo Kasei (Thailand) Ltd., which has

as automobile control units. Currently in the automobile

600,000

been in operation since July 2022. Since permanent anti-

industry, an increasing number of automobile electricalparts, such as driving support system circuits, are used

3,197

due to the electrification of vehicles such as electric vehi-

static agents are our unique, high-functionality products,
we will strive to open up new markets while taking into

300,000

account the possibility of further expanding the production facility depending on our future demand. We will alsocles (EVs). In order to ensure a stable supply that meets0

this growing demand, we have decided to increase our
2021

2022

2023

2024

2025

2026

2027

production capacity. The current production capacity will

■ Aluminum electrolytic ■ Tantalum ■ Ceramic ■ Film ■ Other

be increased by 60% by March 2025.

2017

2018

2019

2020

2021

2022

2023

2024 （year）

promote the development of new materials.

（forecast）（forecast）■ Total Discrete ■ Optoelectronics ■ Sensors & Actuators ■ Total ICs(Source) Created based on “2022 Capacitor Market” by Sangyo-Joho Limited.

(Source) Created based on “WSTS Semiconductor Market Forecast Spring 2023” by WSTS (World Semiconductor Trade Statistics) Japan Council

Lubricant additives

Medical and pharmaceutical products

CN

QOL

These products contribute to carbon

These products contribute to the improvement of QOL

neutrality. In the automobile industry, inand mainly include polyethylene glycol for pharmaceuti-order to reduce CO2 emissions, there iscals and non-absorbable topical hemostatic materials fora growing need for fuel-efficient gasoline

the central circulatory system.

vehicles, along with the trend toward elec-

Polyethylene glycol for pharmaceuticals is used as atrification. Since our lubricant additives arepharmaceutical additive in a base material for ointment

highly effective in improving fuel efficiency,

and tablet coating agents, and is used as an active

they are used in the engine oils of gasoline
vehicles, hybrid vehicles (HVs), and plug-

Forecast for sales of gasoline vehicles, hybrid vehicles,
and plug-in hybrid vehicles

pharmaceutical ingredient for colon cleaning agent. It isalso used in various applications such as tissue regen-in hybrid vehicles (PHVs). It is assumed

eration and cell culture. To meet demand expansion duethat their replacement demand at the timeto increased sales, which is caused by the development

blood vessel replacement. In March 2020, the scope ofof after-sales maintenance will increase. Toof generic drugs, we plan to expand the facilities at thetheir application was expanded to include the anasto-

meet the growing global demand for these

Nagoya Factory. These facilities are scheduled to startmosis of whole blood vessels except cerebral vessels. In

products, we have established a produc-

operation in May 2024, with the production capacity

July 2019, we obtained the CE marking for products fortion site in South Korea, following those

expected to increase by approximately 20%.

overseas shipping, and started their sales in the Europe-in Japan and China, which has alreadyNon-absorbable topical hemostatic materials for thean market. Using this as a foothold, we are accelerating

started operation. We are also working

central circulatory system are surgical hemostatic agents

our overseas expansion, including entering the Hongon the development of lubricant additives

made of polyurethane materials that react with water toKong market in July 2021 and the Taiwanese market

optimized for EVs in order to contribute toform a flexible film. Since their launch in 2014, they havein December 2021. We will ensure its stable supply to

improving the fuel efficiency of all vehicles.

been used in many cardiovascular surgeries in Japan assatisfy growing demand by increasing our production

hemostatic materials used in the anastomosis of the tho-

capacity to approximately five times (scheduled to start

racic aorta and the branch of the aortic arch for artificial

operation in February 2024).

(Source) Ministry of Economy, Trade and Industry, “Technology Diffusion Scenario Presented by IEA (a case where an
average temperature rise of 2°C is achieved)” (2021) (in Japanese)
https://www.enecho.meti.go.jp/about/special/johoteikyo/gosei_nenryo.html

190Sanyo Chemical Group Integrated Report 2023

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Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Business
Strategy

2. Reformation of Existing BusinessProfit improvement

Business
Strategy

Monozukuri Transformation(Manufacturing Innovation)

Structural reforms

3. Global Deployment

We aim to expand our business in overseas markets toearn 47% of our total operating profit in overseas markets

Approximately 40% of the products sold by the Sanyo

We will promote reforms centered on the polyurethane

by FY2025. To prepare a production system that meetsand superabsorbent polymer (SAP) businesses.

demand, we invested in production facilities for lubricant

Chemical Group are related to the automobile indus-

We will work on the following measures to reduce work-

try. By country, we have a profit structure with a highing capital. We aim to improve our operating cash flow

percentage of sales to China. In FY2022, production

by five billion yen by increasing our ability to generate

duction capacity through strategic alliances with other2021, and invested in production facilities for permanent

adjustments by automobile manufacturers continued

cash.

In the polyurethane business, we will streamline pro-additives (13,000 tons) in South Korea and China inpartners, increase production efficiency through processantistatic agents (1,500 tons) in Thailand in 2022. We

due to the shortage of semiconductors and difficulty inimprovement and grade integration based on Monozuku-

plan to invest in production facilities for high-perfor-

parts procurement, leading to a prolonged slump in ourri Transformation, optimize production locations throughmance surfactants (1,800 tons) in Thailand in FY2024.

collaboration with GC Polyols Company Limited, and shift

We will also boost sales to non-Japanese companies byto high-value-added products. In May 2023, we estab-promoting local staff to senior management positions,lished Japan Polyol Limited Liability Partnership (LLP)

and strengthen local technical service functions throughas a 50-50 joint venture with Mitsui Chemicals, Inc. with

R&D staff involvement. Moreover, we will expand oursales to the automobile industry. In addition, amid vari-① Visualize and improve data throughout the
supply chain by the ERP renewal and promo-

ous changes in the global environment, such as China’s
lockdown due to COVID-19, rising prices due to the sit-tion of DX

uation in Ukraine, and sharp yen depreciation, our sales② Establish new processes that enable smoothof products related to the automobile industry as well as

connection from order receipt to production

the aim of resolving common issues such as improving

sales channels by launching product websites, activelyof paper diapers and construction paints in China fell.

planning

the profitability of polypropylene glycol (PPG) in Japan

participating in overseas exhibitions, and using a pulland ensuring supply stability in the future. Through themarketing strategy in order to promote sales expansion

mental process reform by dispatching dozens

establishment of the LLP, both companies will work to

overseas.

of R&D staff to production sites

ensure both continuous stable supply and profit in theThus, we were greatly affected by this situation. Demand
for these products is expected to recover from FY2023③ Establish a new organization to conduct funda-

onward due to the recovery of the automobile industry
and the re-opening of the Chinese market. We believe④ Promote active investment in facility renewal,

that improving our production and sales systems will

incorporating process optimization and auto-

greatly contribute to improving profitability.
As a reform of the overall supply chain, we will promote the optimization of product prices in response tomation⑤ Implement total cost analysis and overhaul ofthe market conditions of raw materials such as naphtha

operations

PPG business.
initiatives: aking drastic cost improvements, including the con-mny-wide project “Monozukuri Transformation (Manufactur-

Transformation,

ing Innovation)” aimed at increasing efficiency through-- implementing a sales strategy focused on China andout the supply chain to improve profitability. ThroughSouth Asia with high market growth potential, where wethese initiatives, we anticipate an incremental operating

can leverage the strengths of our production sites,

profit of three billion yen over the next three years.

- exploring high-value-added products for applications
other than hygienic applications such as disposable- forming strategic alliances with other partners.

Realize a cash flow improvement of five billion yen through reduction of working capital.

Order

Procurement

Production

Logistics

Marketing

Systemintroduction

Raw materials
cost cutting

Process
innovation

Inventory
reduction

Sales
promotion● Quality stabilization● Inventory optimization● Application development● Reduction of● Automated inventory● Salesforce utilization

a global scale● Purchase from multiple

sources / Bulk purchaseprocess time

management

50

47

39

8.9
10

25
8.3
5.5

5.3
0
2021
■ Domestic OP

4.4
2022

■ Overseas incremental OP

3.5
4.4
2025

0
（FY）

■ Overseas OP

OP ratio (overseas) (%)(Note) Research and development expenses (approx. two billion yen per year)
related to new businesses are recorded as company-wide expenses, and are
not included in the above operating profit (OP).

Transforming business processes throughout the supply chain utilizing DX● Procurement on

44

diapers and sanitary napkins, andOverall picture of Monozukuri Transformation (Manufacturing Innovation)

（％）

20

solidation and/or elimination of surplus facilities,
provement and grade integration based on Monozukuri● DX promotion（billion yen）

- increasing production efficiency through process im-

and various cost increases, and will start the compa-● Early order receipt

Promote overseas sales

In the SAP business, we will work on the following● Optimization of

raw material specs

21

Sanyo Chemical Group Integrated Report 2023

Sanyo Chemical Group Integrated Report 2023

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Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Toward the Future
Beyond 2025

New Growth Path

Energy (Organic cathode active materials)

CN

The Sanyo Chemical Group has set “Achieve carbon neutrality as Interface Innovator” and “Improve QOL by performance

As expectations for next-generation devices, such as

through chemistry” as material issues on business domain. During the period of the New Medium-Term Management Plan

drones and HAPS (High Altitude Platform Station), a

2025, we will focus on developing new businesses and products that contribute to carbon neutrality and improvement ofstratospheric communication platform, are increasing, it

QOL, with the aim of creating next-generation businesses that will open up a new growth path toward 2030. We will aim forhas become necessary to develop light, safe next-gen-the commercialization of new businesses and products at an early stage by continuing to inject resources and reinforcing

eration batteries with high weight energy density ininnovative actions, including opportunities for strategic alliances and M&A.

order to dramatically improve the performance of thesedevices. Also, from the perspective of sustainability,
high-performance batteries are indispensable for promoting electrification and storing renewable energy,
which are measures to achieve carbon neutrality. Current

Carbon recycling (CCU*)

CN

Image of an organic cathode secondary battery

We have accumulated know-how in the design andlithium-ion batteries are said to be close to the upper
limit of their performance, and we are promoting material
development with a focus on organic cathode secondaryMarket potential for CO2 separation and capture

manufacture of ionic liquids over many years through ourbatteries as a type of next-generation battery.

main business of electrolytes for aluminum electrolytic

Organic cathode secondary batteries are character-capacitors. Currently, we are considering how to apply

ized by the replacement of current inorganic materials

our ionic liquid technology to the systems that can effi-containing rare metals, used as cathode active materials,

ciently capture and utilize CO2 (CCU). CCU is expectedwith organic materials, and are expected to significantly

to play a key role in sustaining the use of fossil fuels

improve weight energy density. They also help avoid theand the current industrial processes while controllingshortages and soaring prices of rare metal resources(Source) SoftBank Corp. (in Japanese)greenhouse gas emissions, which contribute to climate

and risks to their stable supply.

change. It is also expected to achieve negative emis-

We will develop and manufacture the key organic

sions of CO2 when combined with renewable energy.

materials, aiming to achieve early results in cooperation

We aim to apply our ionic liquid technology to theseparation of CO2 from the air, which is attracting attention as a negative emission technology, as well as fromwith partner companies.
(Source) Ministry of Economy, Trade and Industry “What is CCUS Technology?” (in Japanese)
https://www.meti.go.jp/policy/energy_environment/global_warming/roadmap/innovation/ccus.html

flue gas through consortium activities involving engineer-

Agriculture (Peptide materials)

ing partners, municipalities, and other chemical manu-CNfacturers, without being bound by the existing businessframework.

In modern agriculture, food crises due to labor shortages* Carbon dioxide Capture and Utilization

and abnormal weather, as well as the environmental impact caused by pesticides and chemical fertilizers, havebecome major social issues. Peptide agriculture, which

CCU process

we aim to put into practical use in FY2023, is a technology that maximizes the innate functions of plants by giving
peptides, which are biostimulants,* to vegetables andfruit trees. Peptides are expected to improve in quality
and yield through the mitigation of their damage due todisease and climate change, and to help reduce the useof pesticides and chemical fertilizers.
By making full use of our fundamental technologies,
such as interface control technology, we can produce
peptides extracted from natural products, including
Generation of CO2

23

Sanyo Chemical Group Integrated Report 2023

Separation and capture of CO2

Effective use as fuel, etc.

* This is a new technology that reduces plant damage caused by climate and soil conditions by controlling abiotic stresses (high and low temperatures, physical damage,etc.) to plants in order to provide healthy plants. Its global market size is expected tobe three billion dollars, with an average annual growth rate of more than 12%.

unused resources, and fermentation-produced peptides derived from natural products. This will provide theods suitable for each crop and techniques for preserving

world’s first agricultural solution using multiple functional

product freshness, with the aim of building a businesspeptides. As a pioneering attempt, we plan to sell pep-model that contributes to the production of high-val-tide fertilizers and then provide peptide spraying meth-ue-added vegetables and fruits.

Sanyo Chemical Group Integrated Report 2023

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Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Diagnostic and regenerative medical care (Extracellular vesicles: EVs)

QOL

Wound healing material and meniscus repair (Silk-elastin)

QOL

In recent years, body fluid components, called “exo-As Japan’s aging society progresses, an increasingsome-containing extracellular vesicles,” have been

number of people are suffering from diabetic skin ulcers,

attracting considerable attention in medical fields thatpressure ulcers, knee osteoarthritis, and other diseases.

are directly linked to improving QOL, such as diseaseIn particular, many patients whose natural healing pow-

discovery and regenerative medicine. It is expected thaters have declined due to aging are finding it increasingly

the research market alone will grow to over 100 billion

difficult to recover with conventional treatments. It isyen by 2030. Jointly with Tokushima University, we havesaid that there are 150,000 patients with refractory skindeveloped EXORPTION®, a method for collecting extra-

ulcers and eight million patients with knee osteoarthritis

cellular vesicles from various body fluids with high effi-

in Japan.

ciency, high yield, and a high degree of purification, by

We use the functional protein “silk-elastin,” which isapplying the body fluid component collection technology

under development at the company, for such patientsand know-how that we have cultivated in the in vitro diag-to enhance their natural healing powers, thereby trying

nostic reagent business.

to heal their wounds (tissue regeneration) that could not

By disseminating this technology, we aim to support

be healed by conventional treatments. Since 2016, we

new diagnostic and therapeutic research using extra-

have conducted clinical trials on skin defect regeneration

cellular vesicles, and to implement diagnostic agents toand meniscus repair to confirm the efficacy and safety ofwhich this technology is applied in clinical settings.

silk-elastin. We plan to implement it in society by 2024 asa regenerative medical device “wound healing material”
intended to regenerate refractory skin defects. We alsoplan to implement it in society by 2026 as a meniscus repair for patients with knee osteoarthritis. We aim to extend
healthy life expectancy through silk-elastin to contribute toimproving the QOL of the elderly.

In vitro diagnostic medical products (Accuraseed)

QOL

QOL

Immunoassay-based in vitro diagnostic reagents are

Reproduction of the five human senses is being actively

used for the purpose of diagnosing diseases, and theirstudied in order to cope with the recent IoT trends anddomestic market size reached approximately 250 billion

realize next-generation communication using the fiveyen in 2021. We have developed reagents dedicated tosenses. In particular, it is difficult to reproduce the ol-

Accuraseed®* that use our unique magnetic particles,

factory sense, and products and services that visualize

Magrapid. These are in vitro diagnostic reagents thatodors and aromas have yet to be fully and practicallyenable rapid immunoassay in just 10 minutes. Since

implemented in society. Digital olfactory technology,

these agents dedicated to Accuraseed® were launchedwhich digitally identifies and quantifies specific odors,

jointly with FUJIFILM Wako Pure Chemical Corporation inis expected to be applied in the medical field and theNovember 2015, their lineup has expanded to include 30

life-related fields including food and beverages, and its

inspection items, including thyroid diseases and infec-

market size is expected to reach $3.12 trillion by 2026.

tious diseases. This helps meet the need for rapid diag-

The Group provides 3,000 types of functional chem-

Toward the commercialization of electric noses,

nosis in clinical settings. In June 2022, Sanyo Chemical

icals. By using the technology and knowledge that we

we are working on initiatives that use electric noses to

Industries, Ltd. and FUJIFILM Corporation establishedhave acquired in this field, we have developed a highly

contribute to the improvement of QOL. For instance, we

FUJIFILM Sanyo Chemical Healthcare Corporation topractical electric nose that can be easily customized forconsider the visualization of sanitary environment con-consolidate the production systems for the reagentsvarious odors.

ditions to improve the environmental and enhance work

dedicated to Accuraseed of both companies. We will

In addition to this feature, our electric nose is charac-®

strengthen our production base to achieve high productivity and respond to the growing demand for in vitro
diagnostic reagents.

25

Digital olfaction (Electric nose)

Sanyo Chemical Group Integrated Report 2023

* Accuraseed®: Fully automated chemiluminescent enzyme immunoassay systemmanufactured by FUJIFILM Wako Pure Chemical Corporation

efficiency as well as the visualization of the aroma ofterized by the ability to quickly and continuously identify

foods and luxury items. We aim for the early commercial-complex mixed odors, which is difficult for commercially

ization of electric noses to create new value through theavailable gas sensors.

visualization of odors.

Sanyo Chemical Group Integrated Report 2023

26

Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Message from the General Manager of the Personnel Division

Toward the Future
Beyond 2025

HR Development andWork Environment ImprovementHC

HR (Human Resources) Philosophy to
Achieve WakuWaku Management

In order to realize the vision of the Group set forth in the New Medium-term Management Plan 2025 and to promote chang-

Yoshiyuki Oku

HR Philosophy

Managing Executive Officer,
General Manager of Personnel Division

Our philosophy is to “respect diversity and collabora-

es toward the Vision, we believe it is important to create a company in which each and every employee can be excited(“WakuWaku”) based on the idea that “Every department is a profit center” (each and every diverse employee from allwalks of life plays a leading role).

Two pillars of the HR strategy:
HR Development, Work Environment
Improvementtion,” aimed at creating new values through the synergistic effects of individual connections based on mutual

We believe that HR Development and Work Environment

recognition of each other’s individuality.

Improvement are the two key elements for “One Team to

The Sanyo Chemical Group has created a number of systems to enable everyone to take on challenges on

HR Policy

their own initiative as part of its “people-oriented management.” In order to respond to changes in the times andBased on the HR Philosophy, we have established ourThus, we have included “develop human resources andto create an environment in which employees can work with job satisfaction and pride, we have deepened thisHR Policy “create an environment in which individual

improve work environment by recognizing diversity” in the“people-oriented management” and restructured our HR System for the first time in about 20 years, with “respectabilities can be maximized,” with the aim of becoming amaterial issues. The introduction of a fair, transparent, anddiversity and collaboration” as our HR Philosophy. Our goal is to build a better society by creating new values

company in which all employees can work in good healthbalanced evaluation system is also required. In addition

through the synergistic effects of individual connections based on mutual recognition of each other’s individuality.

and with peace of mind, while valuing their individuality.

to existing initiatives, we will implement systems and mea-

create new ideas and continue to take on challenges.”sures that take into account the diversification of values

HR Development Policy

HR System that promotes individual growthand enhances organizational strength
In the new HR System, we focused particularly ontion and pride of each and every employee.

The Group positions human resources as the driving

The system will measure how One Team actions

force that creates innovation toward the realization of

HR Development

contribute to the company with respect to each

our Vision. Aiming to spotlight everyone and to promote● Creating a system in which everyone can play an active roleorganization’s medium- and long-term goals.

changes in an exciting way (“WakuWaku”), we set our● Creating an environment in which leaders (successors)

HR Development Policy to “have everyone play an active

building an evaluation system, which is crucial to

Expectations and aspirations for employees

it more fair, transparent, and balanced, we have(successors) grow naturally.” At the same time, we will

evaluation system under which employees can work

promote efforts to reform work styles, diversify human

together to achieve organizational goals with One Team

conducted evaluator training for all managers to

What I expect from my employees going forward

resources, and create a work environment in which all

ensure that it does not become “pie in the sky.”

is for them to develop their career plans inde-human rights and diverse values are respected andWork Environment Improvement

Under the new evaluation system, managers will

pendently. I hope that each of you will be able toaccepted and in which all employees are encouraged to● Health management

not stop with day-to-day management and its

think about what kind of work you really want toperform active roles, thereby leading to the sustainable● DEI (Diversity, Equity & Inclusion)

evaluation, but will work to align the direction of

do and what kind of experience you want to havegrowth of the Group.

● Open work environment

employee and organizational growth through in-and be active in. And in these times of turmoil, I

depth one-on-one discussions with each of theirhope you will grow to be able to tackle challenges

subordinates, so that they can practice support-

for which there are no right answers. I believe

ive management.

the role of the Personnel Division is to provide

In terms of growth initiatives, we have launchedsupport for that. We will respect the desires ofa new leadership development training program

our employees and promote the development offor selected personnel in addition to the existing

an in-house environment in which diverse humanhands-on rotational training. Both practical work

resources can play an active role. We will also fo-

and training will contribute to the career develop-

cus on increasing engagement by eliminating thement of our employees. We are also considering

distance between management and employees.

the introduction of an organizational evaluation

Furthermore, the Personnel Division will continue

system with the aim of maximizing organizational

to change so that the company and its employees

performance and linking it to the job satisfac-

can build a relationship of mutual trust.

Management
PolicySanyo Chemical Group Integrated Report 2023

Co-creation of
Economical ValueHR Development
PolicyCo-creation ofEnvironmental& Social Value

Enhancement ofCorporate ValueOne TeamWork Environment
Improvement Policy

HR Philosophy

27

grow naturally● Establishing a fair, transparent, and well-balancedrole” and “develop an environment in which leaders

our efforts to develop human resources. In addition to reforming the evaluation system to makeand human resources and changes in the environment.

Everyone can play
an active role

Independence
Health management
DEI
Work style reform

Leaders grownaturally

Respect diversity and collaboration

Sanyo Chemical Group Integrated Report 2023

28

Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Respect for Human Rights

HR Development

RM

HC

The Sanyo Chemical Group has set its Vision 2030: “Grow into a global, unique, and highly profitable company where every

The Group has long been committed to “people-oriented management,” and has established systems that allow everyone

employee feels pride and satisfaction from his/her work.” We believe that the success of diverse human resources is possi-

to take on challenges on their own initiative, aiming to be a company in which each and every employee can grow together

ble only when there is a foundation for understanding the human rights of each individual and recognizing their individuality

with the company and feel job satisfaction and happiness. We position human resources as the driving force that createsand values. In addition, in order to advance our business activities in various regions of the world, we are required to ad-

innovation toward the realization of our Vision. Aiming to spotlight everyone and to promote changes in an exciting way

dress human rights issues, including labor-related rights for stakeholders involved in our business activities and throughout(“WakuWaku”), we set our HR Development Policy to “have everyone play an active role” and “develop an environment inour supply chain. To address human rights issues, we formulated the Sanyo Chemical Group Human Rights Policy in March

which leaders (successors) grow naturally.” Under this policy, we will strengthen our human resources base to support our2023.

sustainable growth.

Basic attitude of the Human Rights Policy

Initiatives to address human rights issues in the supply chain

As corporate activities become increasingly globalized,

Everyone can play an active role

Development of an environment in whichleaders (successors) grow naturally

In order for everyone to play an active role, it is importantcompanies are expected to take the initiative in elimi-

Based on the Sanyo Chemical Group Human Rights

for each individual to demonstrate his or her “strong indi-

We believe that the ideal environment is one in which

nating human rights violations from the perspective of

Policy, the Group identified three prominent issues: ①

viduality” (each playing a leading role) and to continue tocandidates for future management or key positions intake on challenges without being bound by conventional

major businesses and functions are growing naturally.

labor in the supply chain, ② employee safety and health,creating an inclusive society. The Group will conduct
management that respects the human rights of all people

and ③ human rights risks due to geopolitical situations

ways of doing things. An organization composed of

To achieve such an environment, we will first work on

and recognizes that its business activities may have aand conflict impacts. We will continue to work on these“strong individuality” can become a “strong organization

measures to develop leaders systematically. Then, we

negative impact on human rights. At the same time, we

human rights issues.

(One Team)” where everyone is taking action toward thewill develop an environment in which more and moregoal by drawing up a vision for their own organization

employees will see the careers of those who grow into

and incorporating it into their goals.

leaders and want to become leaders themselves, andwill work with our customers, business partners, suppliers, and government agencies to avoid such negative

Going forward, we will continue to fulfill our responsibility

impacts, thereby gaining recognition from investors, cus-

to respect human rights by implementing human rights

tomers, and society at large. We will also cooperate withdue diligence in procurement activities, working to elim-

diverse stakeholders to support the socially vulnerable.

inate and prevent harassment, and accepting Ukrainian

An environment in which all employees can play
an active role regardless of course (job group)

students, based on the Guiding Principles on Business● Unification of generalist and specialist positions into an

associate position

and Human Rights.

Basic Policy
We proactively address human rights issues in the
supply chain in accordance with the newly formulated
human rights policy.

Support for proactive challenge taking and independent learning● Improvement of existing systems to encourage taking

Priority measureson challenges, such as the “Internal multiple work sys-

● Implement human rights due diligence in procurementtem,” “Awards from General Managers to encourage

activities● Eliminate harassment thoroughlychallenges,” the “Challenge system,” “Commendations● Promote DEI, raise LGBTQ awareness, and create afrom the president,” “JET,” and “Training retreats” toworkplace where human rights are addressed● Accept Ukrainian students

realize their goal.

Systematic leader development● Selection of candidates for next leaders and identifica-tion of missing human resources requirements● Implementation of training for selected leadership

candidates, enabling them to see the company from amanager’s perspective and acquire the skills to formulate strategies● Implementation of rotations to fill missing human re-sources requirements● Implementation of career training to encourage young

employees to envision their career paths

make them more user-friendly for active utilization● Training programs to support career autonomy● Rotation based on the characteristics of each employ-ee based on aptitude tests for all employees (the right
person for the right job)

Human rights issues in the supply chain● Training programs such as the “Study abroad system,”

Upstream

29

Downstream

Procurement of raw materials

R&D, Production, Delivery

Use, Consumption,
Disposal, Recycling

Suppliers

Employees

Customers● Forced labor and child labor● Unfair work environment and work conditions● Human rights violations through marketing● Conflict minerals● Labor accidents and health hazards● Infringements of rights of indigenous people● Discrimination and harassment

and immigrants● Damage to communities due toenvironmental destruction● Human rights violations in suppliers● Invasion of privacy

Sanyo Chemical Group Integrated Report 2023

or advertising● Use of products made by parties that violate

human rights“Overseas training,” and “Language training” to develop human resources who can play an active role on
the global stage

System for organizational evaluation● Introduction of an organizational evaluation systemwith the aim of maximizing organizational performance(aiming for an achievement rate of 80% or more oforganizational goals by FY2025)

Sanyo Chemical Group Integrated Report 2023

30

Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Diversity, Equity & Inclusion (DEI)

Work Style ReformHC

HC

Aiming to be a company in which all employees can work comfortably with peace of mind while valuing their individuality,

In order to become “a company in which every employee feels pride and satisfaction in his/her work” and to further advancethe Sanyo Chemical Group promotes “DEI (Diversity, equity & inclusion)” to create a work environment in which all humanreforms, the Group is promoting work style reforms from the three perspectives: flexible work styles, business reforms, andrights and diverse values are respected and accepted, and in which all employees are encouraged to perform proactive

the use of IT/AI. By offering a variety of work styles, we intend to create a work environment in which each employee canroles. In the promotion of DEI, the perspective of equity is particularly important, as it leads to the valuing of individuality.

achieve results while feeling pride and job satisfaction.

We will contribute to the creation of a sustainable society by generating added value through a combination of diverse

Flexible work styles

needs and the ideas and technologies of each of our employees.

three days compared to FY2020③ Increasing the utilization rate of the super flextime,

Women’s participation and advancement

and participate in activities of external organizations as

Based on the concept of “work hard, rest well,” we will

well as within the company.

promote a true work-life balance through flexible work

We have formulated a voluntary action plan based on the
Act on the Promotion of Women’s Active Engagement inProfessional Life, with the goal of increasing the female

styles. In addition to weekly no overtime days, we have

Promotion of employment and activitiesof persons with disabilities

Open work environment

systems such as refreshment leave, memorial leave,hourly paid leave, and super flextime without core time.

In order to create a state in which employees feel satis-

We are supporting more flexible work styles by easing re-faction and pride in doing their jobs safely and securely,

to 6% or more by FY2030, leading to a steady increase inAs part of our corporate social responsibility and be-

strictions on the reasons for using super flextime and by

and are willing to make a high level of contribution to thethe number of women in management positions. In orderyond, we strive to create a workplace where all employ-revising the system so that it can be used by employees

company while voluntarily demonstrating their abilities, it

for more women to play leading roles in various organi-ees can work together with their colleagues regardless

who work shorter hours. In addition, although the reasonsis important to have a thorough dialogue with executives,

zations in the future, we need to further accelerate ourof their disabilities. In order to achieve this goal, we will

for taking paid leave under the unused paid leave re-the organization, and people in various capacities. We

efforts. As such, we have set a new target of a female

promote various initiatives and focus on building a sup-serve system had been limited to childcare and nursing

actively provide opportunities for communication to en-

manager ratio of 15% or more by FY2030. In addition,

port system for continued employment.

care, the system has been made usable regardless ofhance engagement, such as “Dojo,” a place for dialogue

the reason. We also have a telecommuting system for all

between executives and employees, and “Salon,” a place

employees and a flexible leave system that allows em-

for managers and higher ranking executives to hold dia-ployees to take personal leave once during their employ-logue beyond the boundaries of their departments.

leader ratio to 15% or more and the female manager ratio

since January 2022, the company has been a member of
the “IkuBoss Corporate Alliance” to change the mindset

Promotion of employment of global talentof both men and women by dispelling the stereotypicalrole-based division of labor, and to encourage male

Diverse human resources from various cultures are es-

ment for a maximum of two years, at their own discretion.

employees to take childcare leave. We will encouragesential for global business development. We are working

In FY2022, four employees used the flexible leave system

women to work longer and continue to grow by reforming

to create an environment in which employees whose

for the purpose of obtaining qualifications, etc.

the corporate culture and promoting their participation in

first language is not Japanese can play an active roleinternal and external training programs, thereby support-(explanation of internal systems, policies, and personnel

ployees can continue to be active while maintaining job

ing their success.

systems, translation of internal documents into English,

satisfaction through flexible work styles that allow them tosupport for visa procedures, etc.), and will actively pro-achieve a work-life balance.

Percentage of male employees taking childcare leave （%）
2018

48.2

2019

77.1

2020

66.7

2021

79.7

2022

98.2

Promotion of LGBTQ understanding

mote the employment of global talent in the future.
KPIs for DEI

to LGBTQ sexual minorities.
We are encouraging understanding and inner promotion of LGBTQ issues by establishing internal andexternal consultation services, revising internal rules andsystems, conducting training and study sessions for executives and employees, providing timely information via

We strive to create an environment in which our em-of digital technologies such as Robotic Process Auto-

Training retreats

In addition to promoting flexible work styles that are not

Percentage of male employees
taking childcare leave

100% by FY2025

Platinum Kurumin

Certification continued to
FY2025

to improve productivity. We create an environment that

“L-boshi (3 stars)”

Certification continued to
FY2023

to be creative in their work.

PRIDE Index Gold

Certification in FY2023

Work Style Reform Action Plan

Percentage of employees withdisabilities

2.7% or more by FY2026

In Phase I (FY2018 to FY2020), we worked to reduce

Number of foreign employees hired

2 or more hired each year

mation (RPA) and Business Intelligence (BI) systems
improves the quality of work and allows each individual

long working hours, promote the use of paid leave, andencourage flexible work styles. Based on the results of

the intranet, etc., and participating in Rainbow Pride. We

Phase I, the Work Style Reform Action Plan Phase II,

are also communicating to society in an effort to create

which covers the period from FY2021 to FY2023, has thean environment that respects diverse values. Led by You-following goals.

Tuber Kazue-chan, an LGBTQ person who has been a① Average total actual hours worked per year (day shift

in raising awareness about LGBTQ issues, we cooperate

Sanyo Chemical Group Integrated Report 2023

workers) of 1,800 hours or less
Platinum Kurumin“L-boshi (3 stars)”

PRIDE Index Gold

Dialogue with executives

restricted by time or location, we are promoting the use

Business reforms and the use of IT/AI

15% or more by FY2030

member of the Group since August 2020 and is engaged

Main measures

The “Dojo” is a system that allows executives and employees to have thorough dialogues. The executives act as
dojo owners and invite students (employees) to join a dialogue once a month for a period of six months to one year.
The theme (message to be conveyed to the employees) isleft entirely up to the dojo owner. Twelve dojos were open
in FY2022, with six to eight participants (students) in eachdojo. This system will continue in the future. In addition,
the “morning meeting for all employees,” in which executives give a lecture to all employees once a month, willcontinue to be held.

Female manager ratio

Since 2018, we have been working on initiatives related

31

telecommuting, and flexible leave systems② Increasing the number of days of paid leave taken byThis is a system in which each division or department
spend one or two days discussing organizational dreams
and issues, and the company subsidizes the costs of thereception and lodging.

Salon
Managers and higher ranking executives lead the salon
and talk with several employees.

Coffee meeting
This is a system to deepen mutual understanding throughdialogue with the head of the organization.

KPI for Work Style Reform
Engagement score*

51 or more by FY2025* Measured by a proprietary survey instrument using eight items that correlate wellwith the Utrecht Work Engagement Scale

Sanyo Chemical Group Integrated Report 2023

32

Profile

New Medium-Term Management Plan 2025

StrategyFoundation

Accelerate Transformation to Realize Our Vision

Health and Productivity Management

New HR System

HC

HC

The Sanyo Chemical Group aims to further enhance its corporate value by creating an exciting (“WakuWaku”) company in

Based on the Sanyo Chemical Group’s HR Philosophy to “respect diversity and collaboration,” the new HR System features

which each and every employee is highly motivated to take on new challenges. To achieve this, it is essential for each anda HR Policy to “create an environment in which individual abilities can be maximized.” Creating an environment in which

every employee to be healthy. We believe that working in good mental and physical health creates happiness for employees

individual abilities can be maximized and function effectively will cause employees to feel motivated and proud of their work.

and their families and leads to the development of the company.
Action goals for the five initiatives（FY）

Health Management Declaration
The physical and mental health of its employees is thecompany’s greatest asset.
The Sanyo Chemical Group will actively support healthpromotion initiatives to realize a mindful and fulfilling
corporate life, respect the diversity of its employees,
and enable each individual to achieve self-fulfillment by
exercising their independence and creativity, thereby
contributing to society through the development of thecompany.
Akinori Higuchi
Representative Director, President and CEO

Promotion system
Since FY2020, the “Health Promotion Council,” which
includes senior management, deliberates and decides
on policies and initiatives, while the “Health Promotion
Teams,” which include employees from each region, havebeen promoting awareness and penetration of healthmanagement among employees and implementing specific measures in their respective regions. The company,
the labor union, and the health insurance union work inunison to promote company-wide health initiatives.

Evaluation indicators
We are actively promoting health management, believing

Initiative

Item

2019

To have an
Exercise exercise routine atleast once a week
Sleep

Diet

Drinking

To be well rested
with sleep

29%

54%

To have abalanced diet*1—

To have two or
more alcohol-freedays per week74%

Not to smoke
Smoking (Smoking rate
reduction)

77%

2020

2021

31%

50%

57%

66%

—

76%

75%

75%

77%

82%

2020

2021

2022

Personal injury/
sickness absence rate

1.5%

1.5%

1.8%

1.9%

We are actively developing
health investment measures thatwill lead to improved productivity and job satisfaction, andultimately resolve management90%
or more90%
or more2025(Target value)

1.0%
or less

Presenteeism*

（FY）

2025

By evaluating how the organization is changing its action
as One Team and how much it contributes to the compa-

achieve results should be recognized and rewarded, we

ny, we will maximize our organizational performance andhave reformed our systems and launched the new HR

foster pride and job satisfaction in each employee.

System in April 2023.

Grade system that makes better use of capabilities

Initiative
Self-motivated behavior and positive
feelings toward work
(deviation value)

2021

2022

to full implementation, with the goal of introducing thewide range of fields, generalist and specialist positionsorganizational evaluation in FY2024. Each organization

were unified into an associate position.

will set organizational goals toward its vision and strive tobers of the organization are involved in the organizationalwith the aim of rewarding those who contribute to fur-goals. For FY2025, we are targeting an 80% achievement

ther business development by utilizing their expertise

rate for organizational goals.

in a specific area as a specialist.

Compensation system based on competence androle● As individual lifestyles and values diversify, customary

50.1

Introduction schedule
September
2023

Explanatory meeting on
the organizational evaluation system

October
2023

Setting organizational goals

February
2024

Organizational evaluation

March
2024

Evaluation feedback

March
2024

Setting organizational goals for FY2024

and non-standardized treatment that is not related to● By increasing the percentage of salary that varies

depending on the role and ability of the employee, andto one that allows employees to devote themselves totheir work with a medium-term growth perspective.

Fair, transparent, and balanced evaluation systemwere established, which would lead to the growth andmotivation improvement of employees and be easy tounderstand for both the evaluators and the evaluated.

49.7

achieve them by creating a situation in which all mem-for those in management positions to pursue expertise,qualifications, the salary system has been changed(Target value)

tion to familiarizing employees with the organizational
evaluation process, we will conduct a verification prior

30%
or less（FY）

company-wide in the second half of FY2023. In addi-

and to enable all employees to play an active role in aby clearly establishing a gap in salary based on job

2025

identified from the trial results, we will roll out the trial● To eliminate disparities in course (job group) attributes● Simple criteria for salary increase and promotion

Work engagement*4

In fiscal 2022, trials were conducted in multiple
departments. After organizing the issues and problems

Major changes(Target value)*3 A condition in which the employee is present at work but is not able to work
sufficiently due to mental or physical health problems.
Measured by the WHO Health and Labor Performance Questionnaire.

Introduction of an organizational evaluation system

Based on the idea that people and organizations thatthe quantity or quality of work has been reviewed.
3

36.6%

ness were defined, and targets for FY2025 were set.

90%
or more*2 A condition in which the employee cannot perform duties due to absence fromwork, leave of absence, or other reasons. Measured by the number of employees
on sick leave who are absent for more than one month.

37.5%

tives and evaluation indicators for verifying their effective-

83%

2019

Labor productivity
loss rate

investment measures for the five health promotion initia-

76%

Initiative

to be actively involved in the maintenance and promotion

and to implement the PDCA cycle of activities. Health

75%

80%
or more

（FY）

2022

demonstrate health management initiatives and results,

63%

Absenteeism*2

2021

Management Strategy Map was created to quantitatively

70%
50%
or more*1 Item added in 2021.

Initiative

individual management of each employee. The Health(Targetvalue)● An expert position was newly established as a coursethat it is an important management issue for the companyof employees’ health, rather than simply leaving it to the

2022

2025

Reform of the three core systems in HR
management (grading, compensation,and evaluation)51
or more*4 A state of mind that is positive and full of accomplishment, vitality, enthusiasm,
and immersion in one’s work. Measured by a proprietary survey instrument usingeight items that correlate well with the Utrecht Work Engagement Scale.

issues.

33

Sanyo Chemical Group Integrated Report 2023

Sanyo Chemical Group Integrated Report 2023

34