Okaya to Leverage Operations in Brazil and Asia

Okaya & Co., Nagoya headed major trader of steel, industrial machines and components, accelerates business expansion at offshore market. The firm plans to reopen a business base in Brazil within fiscal 2012 ending in February 2013 while the firm projects to reinforce local activities in Asian countries including Indonesia, Vietnam, Bangladesh, Myanmar and Dubai. The firm will send young staffs to these countries and develop human resources.

Okaya & Co. estimates its full-year net sales would increase by 0.9% to 650 billion yen in fiscal 2011 compared with the previous financial year while the recurring profit would decrease by 0.7% to 10 billion yen. The sales and profits are expected to maintain the year-to-year flat level thanks to rapid market recovery after the Japan Earthquake and improvement of offshore demand. The domestic sales account for 70% while offshore sales are increasing for steel processing business or liquid crystal panel component business.

Okaya & Co. tries to increase offshore sales by establishment of a local business site in Brazil. The firm previously had a local base in Brazil but withdrew once. The firm decided to reopen the local company with an expectation for regional market growth in South America.

In Asia, the firm opened a local base in Myanmar in 1996. The firm plans to reinforce the functions of Myanmar base while the firm will increase manpower in Indonesia, Vietnam, Bangladesh and Dubai where car markets are expected to grow.