Found interseting article in the Aug,19th 2010 issue of "The Economist"
Article states:
"Japan has long kept the cost of capital low, to boost investment or help stragglers. Since the financial crisis began, bureaucratic organs such as the Innovation Network Corporation of Japan and the Enterprise Turnaround Initiative Corporation have been handed $25 billion to revitalise ailing companies. Among the latter agency's first acts was to assist a dying wireless operator that bet on archaic technology.
Food for zombies
The system almost guarantees that fresh capital goes to the losers of yesteryear. Because struggling companies rarely die, new ones do not form. Japan's bankruptcy rate is half of America's; the rate at which it creates new firms is only a third as high. Japanese venture capitalists are few and far between. Japan's bureaucratic allocation of credit seldom spurs animal spirits. Rather, it nourishes zombies."
What are your thoughts?
Does anyone know information about Hitatchi's involvement in the formation of incj? Curious minds would like to know!
Showing items 1 - 12 of 12 results.
I guess all of TCM Broker network of Dealers better start changing the game. TCM in the past has put three dealers in one town fighting with each other. Houston, TX has three dealers now two dealers, Atlanta has three dealers and so on. But then again there is more to being a new truck dealer other then having a sign on your building.
TCM makes a great product compared to the other guys, the north American distrubitors just had poor representation with poor dealer decision making, and lack of good dealers. I can think ofone great dealer and they are in west Texas.
The Doc knows what they are up.
I am surprised that FLA has not kept up with what is going on with this merger.
The US Unicarrier division will produce TCM forklifts for the Americas and a few other places and will be wholy manufactured by Nissasn Forklift Morengo, Il, and Atlet.
TCM will be a Nissan Forklift Painted TCM Colors. Hmmm Nacco Material Handling, MCFA sound familiar?
Eventually both names will be changed to Unicarriers.
I am sure that the TCM dealers will not be willing to step up to the new demands that will be required to remain a dealer as well as their dealer netwowk lasting.
Nissan Forklift is driving the bus here in the Americas period.
But then again I am surprised that TCM America has lasted this long after therir not so well planned consolidation of the 2 long established distrubitors into the Colombia, SC idled manufacturing site.
Time will be the true test of this venture.
The Nikkei said the government-backed Innovation Network Corp. of Japan (INCJ) would buy about two-thirds of Renesas for 150 billion yen ($1.9 billion) in a deal likely to be agreed next month.
Interesting, Renesas was formed from the semiconductor units of Mitsubishi, NEC, and yes Hitachi (the former parent of TCM)
Wow, is innovation the new word for bailout?
Innovation Network Corporation of Japan (INCJ) is 90% owned by the Japanese Government.
Hitachi Construction Machinery and Nissan (i.e., TCM Corporation and Nissan Forklift Co., Ltd., collectively referred to as "Subsidiaries") into a new company, UniCarriers Corporation, to be established and operated mainly by INCJ.
The voting shares of the new company will be held as follows: 53.3% by INCJ, 26.7% by Hitachi Construction Machinery and 20.0% by Nissan.
Or would it be fair to say the Japanese Government owns 47.97% of Unicarriers? More than Nissan and TCM combined?
Please correct me if I'm wrong, just trying to decompress the facts.
Where have all the cowboys gone? Where is my happy ending?
JW
I took a long nap after my last post, I had a quiet night and a nice soft hunk of ground to sleep on, but a hard time sleeping.
Does anyone know the plans INCJ has for TCM and Nissan in the USA and abroad? Is INCJ involved in the operations?
I've searched for any plans Kimikazu Noumi (INCJ's CEO and investor) might have. INCJ is a private company backed by the Japanese government.
I believe Mr. Noumi may be a good steward with the Japanese government's money and may have learned from his time as chairman of Aozora Bank in Japan before heading INCJ.
He has 40 years in banking.
Aozora's focus on overseas investments may have led Mr. Noumi to quit as chairman in May 2008 after 15 months. On December 16, 2008, Aozora Bank announced that it had 12.4 billion yen exposure to the Bernard L. Madoff ponzi scheme, Aozora Bank was listed as the No.1 unsecured creditor to Lehman Brothers with about $463 million USD in bank loans.
Aozora is Japanese for "Blue Sky"
I don't see any current relationship between Aozora Bank and INCJ. Only promises of innovation going forward by INCJ.
Please, does anyone know of the future plans? and what does TCM stand for? Maybe "Trends in Capital Markets"
Hopefully TCM has strong plans, please say it's so.
Good Day,
JW
Me thinks Rip Van Winkle lived in a village at the base of the Kaatskill Mountains so Washington Irving wrote and took a long nap there.
I recently found the article that was 1.5 years ago. "Food for Zombies" is apparently a sore spot for Noumi (Head of INCJ) in an article by Reuters, Published Jan 12, 2012 Updated: Jan 13, 2012 and stated "his fund is not a state-backed bailout body to keep alive "zombie companies", mindful of public criticism of other government-sponsored entities such as the Industrial Revitalization Corp. of Japan. Noumi said the mission of his fund is to provide financing to businesses with growth potential, not to fund corporate turnarounds with taxpayers' money.".
the article made no mention of the investment in Hitachi(TCM) and Nissan.
I feel the recent developments are just a piece of the puzzle, to help understand why
1. Over 1.5 years ago TCM started marketing Nissan/Barrett's line of pallet trucks and tuggers.
2. Hitachi soon discontinued financing dealers and liquidated their own inventory and that of other dealers.
3. TCM closed CIM in Houston
4. Suspended production in South Carolina
5. TCM carefully interrupted and changed the dealer network
I'm also surprised there has not been any discussion about the Recent Nissan dealer lawsuit in Missouri.
I believe this was well planned, but I've never been to Japan. Just like Rip Van Winkle was never on the Catskills.
I still know a guy named 'Rip Van Winkle', he is a former horse race jockey in Florida.
I had him in a safe powered industrial truck operator's class I taught, and I thought he was being a pill, writing a fake name so he could get a fake name on his certificate, and I made him show me his Driver's lic.
But Duke, what motivated you to (just now) want to discuss something that happened 1.5 years ago?
Hey guys, this story was published in Aug 2010, not 2011. Over a year before the story about incj was published concerning Nissan and Hitachi (TCM). Hitachi had formed a similar alliance with their flat panel division and Toshiba. Hitachi appears to be one of incj's founding members. How long had this been planned? Did Nissan and TCM sign new dealers and cancel others knowing this was going to happen? At a minimum, I'm looking for a healthy debate. At first you probably thought I shared purple magic liquor with van Winkle. Remember after the American Revolution, he was eventually welcomed back to the community.
Can you say Rip Van Winkle?
Duke, it took you from Aug 9, 2011 until Feb 2012 to get around to reading about this and commenting?
Maybe you should consider signing up for the forkliftaction newsletter, as this was mentioned on forkliftaction (Dec1, 2011) "/news/newsdisplay.aspx?nwid=10763" which discusses Hitatichi's and NIssan forklifts involvement (just add your own http and forkliftacton and dot com) and in the forum thread "/forum/thread.asp?trid=8076"
I guess these were just before you signed up.
Forkliftaction.com accepts no responsibility for forum content and requires forum participants to adhere to the rules. Click here for more information.