May 21, 2012
The textile machinery business of Japanese conglomerate Toyota Industries posted a 10 percent decline in sales during the fiscal year ending March 2012.
The company attributed the decline in textile machinery sales to a decrease in its sales of air-jet looms to China.
During fiscal year 2011-12, Toyota Industries Corporation reported a 4.3 percent year-on-year growth in its net sales, which rose to 1,543.35 billion yen. The company’s net profits grew by 24.1 percent year-on-year to 58.59 billion yen.
The roots of the Toyota Group go back to the renowned Japanese inventor Sakichi Toyoda and his invention of the automatic loom. Since its founding, the textile machinery business of Toyota Industries has developed, and the firm has manufactured and sold textile machinery, the majority of which has been supplied to customers outside Japan.
Toyota manufactures two main categories of textile machinery: spinning machinery and weaving machinery. The company continuously incorporates the latest technological developments, including control technology, mechatronics and IT, into its textile machinery products.
The company is considered an international leader, especially for its flagship air-jet loom, which boasts the No.1 share in the industry, and also for its spinning machinery such as the ring spinning frames and roving frames.
From：Fibre2fashion News Desk - India