Momentum – October 2012
20 Years with Itochu
Is 20 years a long time in business?
Well that probably depends upon the culture that you come from, but in Japan long established companies are held in the utmost esteem, and given that Itochu Corporation was founded by Chubie Itoh back in 1858 our 33 years in business and 20 years being part of Itochu looks like a short period in history.
That said, for Itochu the last two decades have been significant. As one of the world’s largest companies Itochu has thoroughly embraced the reforms requested of Japanese business and has emerged as an exceptionally strong player in the global economy for the 21st Century.
For Plastribution the benefit of a consistent shareholder with a global reputation for conducting its business to the highest standards, has supported its development into being a leading UK distributor of plastic raw materials.
However, in Western terms 20 years under the same ownership is a considerable period of time, and is representative of the long-term vision that many Japanese companies adopt.
Whilst back in 1992 there were some initial fears about becoming part of a largely Japanese conglomerate (morning exercise regimes were not on the agenda, eating Sushi and singing Karaoke are seldom events) , it soon became apparent that the Itochu culture, which places great
emphasis on social responsibility, was a good fit with the family atmosphere at Plastribution.
Itochu has strongly supported the business since day one. Whilst there is regular rotation of Japanese ex- patriot staff, this has paid benefits as stronger connections have been forged throughout the Itochu Group as these staff have often returned to positions where their prior knowledge of Plastribution has paid dividends to both shareholder and subsidiary alike.
For Plastribution the benefit of a consistent shareholder with a global reputation for conducting its business to the highest standards, has supported its development into being a leading UK distributor of plastic raw materials.
As to the future, Plastribution expects to remain a significant asset in the Itochu portfolio of companies, and continue to reward the long-term vision which today results in over 50% of group income coming from activities outside of Japan.
More information on Itochu Corporation is available at
www.itochu.co.jp
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