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?
Well, it has not been fun. If I might add my industry:
ReplyDeleteNVIDIA: "For the fourth quarter of fiscal 2009, revenue was $481.1 million compared to $1.2 billion for the fourth quarter of fiscal 2008, a decrease of 60 percent."
http://sev.prnewswire.com/computer-electronics/20090210/AQTU55010022009-1.html
It is all somewhat fuzzy. Supposedly we took market share from our competitors:
"Everyone in the market suffered reduced shipments — some suffered more than others. In this quarter, Nvidia has taken back some market share from AMD’s ATI division. For more detail see Table 2."
http://jonpeddie.com/press-releases/details/computer_graphics_chip_shipments_dive_in_q4_08_according_to_jon_peddie_rese/
Honestly, I find any further drop unimaginable.
Tech is discovering that creating a better mouse trap doesn't mean more sales or profits. The ugly truth is that cheap credit has driven GDP on a world wide basis rather then innovation or productivity but the side effects to the credit binge can be nasty. So I think it can get much worse which is a shock to the high tech crowd.
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