In today’s economy, innovation is a common mantra across all areas of business practice. But innovation in manufacturing can be a demanding requirement. That’s what Japanese companies are finding out. In Japan, the average age of manufacturing facilities and equipment is 15 years, the highest in years. Japanese plants are dating faster than those in Germany and the U.S. Cost, of course, is the main reason in an economy battered by deflation and the 2008 financial crisis.
However, in the current, upward trending economy, some Japanese companies are stepping up their investments. Toyota’s capital spending last year was $4.2 billion, up from the previous year, although still just over half the $7.1 billion spent in 2007, before the financial meltdown. Canon and Nissan have announced plans to grow their domestic output, and air conditioner maker Daikin Industries is bringing some manufacturing back to Japan from overseas. Exedy, an auto parts maker that supplies Toyota, has started upgrading its plants. So don’t count out the country’s manufacturing innovation edge, one based on new technology, just yet: it is home to Fanuc, the leading industrial robot maker. I’m John Howell for 3BL Media.
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