The "Procurement Committee" included in our "Intensive Reform Implementation Action Plan" announced on November 7 will be established on November 19.

The "Procurement Committee", comprised of outside experts in corporate revitalization and cost reduction, will strictly review our procurement transactions from an external perspective, to drastically reform our current procurement practices.

The revised procurement practices will integrate and further strengthen our continuous cost reductions efforts to achieve the cost reduction target and additional cost reduction targets stated in the "Comprehensive Special Business Plan" (average of 336.5 billion yen a year over 10 years) and "Intensive Reform Implementation Action Plan" (100 billion yen a year).

Attachment: Overview of the "Procurement Committee" (PDF 49.4KB)