Think of Nitto Denko as Japanese 3M. Indeed it is the company in the world that most resembles 3M. It does tapes, films, laminates – the usual 3M product set. Like 3M a large part of sales winds up in automotive uses.
Now just how bad are their sales? Here is the monthly sales report:
Compared with January 2008 , Nitto Denko's total consolidated sales revenue was down 51% (Y-o-Y) and decreased 9% from December 2008. LCD-related product sales was also down 57%(Y-o-Y) and decreased 1% from December 2008.
Ok – is it a recession or a depression?