This year marks our 95th anniversary since we were founded in 1918. The company has evolved since then and now has a global presence. Our products are supplied to most major markets in the Automotive, Construction, Information Technology and Telecommunications industries.
Our mission is to be a global leader in innovative high-performance glass and glazing solutions, contributing to energy conservation and generation, working safely and ethically. Glass has been available in various forms for thousands of years and because of its versatility it offers numerous benefits. Throughout its history, NSG Group has been producing and supplying high-quality glass products to the world.
Due to the global economic slowdown that was triggered by the European debt crisis, we continue to experience challenging market conditions. We have taken immediate actions across the Group to adjust our capacity to reduced demand levels, and to reduce costs to improve profitability. These actions have started to have significant positive impacts on our business performance. It is my intention to make this financial year an important turning point for NSG Group to mark the beginning of a recovery, and turn our attention back to growth.
The company has grown in its size and scope. In order to become truly global we have continued our efforts, working as a team, to create new values. Since I was appointed CEO, I have enhanced a regionally focused approach. I believe that global business works better when we recognize and value diversity and leverage regional strengths. In other words, we seek to maximize the Group's overall results by driving the performance of our regional businesses, and empower the regions whilst at the same time ensuring that the businesses are fully aligned with the Group's global direction and strategy.
In this respect open communications - one of our core values - is even more important than before. The Group's Values and Principles inherited the "Sumitomo Spirit" of the Sumitomo Group, of which NSG Group is a part. As we celebrate our 95th anniversary, we continue to build on our Values and Principles and intend to maintain close communication with our stakeholders internally and externally. As we look forward to our 100th anniversary in 2018, we will strive to achieve further growth and development.
We look forward to your continued support.
President and CEO, NSG group