8/11/2009
NEWS BRIEFS
Japan Power Fastening Retooling to Weather Downturn

Faced with dwindling sales, Japan Power Fastening Co. is investing more than $1 million to retool part of its plant in an effort to diversify its product offerings.

Japan Power Fastening plans to make photovoltaic modules for the growing solar power market, Asia Pulse reports.

“Japan Power Fastening will spend some 100 million yen (US$1.02 million) to install solar module assembly lines and inspection facilities at the factory by year-end to begin output in January,” Asia Pulse reports. “In the first year, 200,000 modules are expected to be produced — enough to cover the roofs of 1,200 homes.”

Through an alliance with Kaneka Corp., Japan Power Fastening will produce complete modules from metal frames, wires and other parts supplied by Kaneka Solartech Co. Japan Power Fastening hopes to eventually manufacture the screws used to fastener the modules together.

Japan Power Fastening reported sales slipped 16% to 3.86 billion yen (US$40.8m) during the first half of 2009, down 74 million yen from its projected forecast.

Operating profit for the industrial fastener manufacturer fell to a loss of 353 million yen (US$3.8m), while net income declined to a 512 million yen loss (US$5.5m). ©2009 GlobalFastenerNews.com