To our shareholders and investors,

Firstly, I would like to express my sincere gratitude for your continued support and patronage.

In order to improve intersectional cooperation between business divisions and operating companies, and to accelerate synergy creation within the Group, as of October 1, 2021, Maxell Group has executed an absorption-type merger wherein Maxell Holdings, Ltd. used to be the holding company as the surviving company and Maxell, Ltd. used to be a major operational company as the absorbed company. Following the merger, corporate name of the Company has been changed from Maxell Holdings, Ltd. to Maxell, Ltd. Under the new management structure, we will strive to further strengthen management focusing on enhancement of corporate value and profit growth to realize "Commit to Value".
Also, in June 2021, the Group has announced the new Mid-term Management Plan "MEX23" for the three years from fiscal 2021 to fiscal 2023. In fiscal 2023, the last year of MEX23, we target to achieve 10% as operating profit margin and 7% or more as ROIC. For this goal, we will realize return to profit growth in fiscal 2021, the first year of MEX23 and provide stable profit returns as well as taking measures to strengthen existing business and to create new business in the future.

Going forward, we will continue to carry out reforms aiming for growth of profit and do our utmost to become a "Value Creation Company" that provides the highest value to our shareholders, investors, and all other stakeholders.

I would like to ask all of you for continued support.

October 2021




Keiji Nakamura

President and Representative Director

Maxell, Ltd.