Investing in Japan
Investment News
Sep. 17, 2008
Major German Precision Toolmaker Walter Sets up Shop in Nagoya
This September, Germany's WALTER AG
, one of the world's leading manufacturers of ultra-hard tools for industry applications, announced the establishment of its wholly-owned Japan subsidiary (Walter Tooling Japan K.K.) in Nagoya city, Aichi prefecture, with 100 million yen in initial capital. The subsidiary will be primarily engaged in importing and selling WALTER's own products (including the TITEX and PROTOTYP brands, which the firm acquired in 2005), and working to bolster its technical support function in Japan. The firm hopes to have 15 employees by 2009 and is aiming for annual sales of 1.5 billion yen.
Utilizing its engineering know-how and comprehensive tool range, WALTER has been developing industry-specific cutting solutions for decades, serving as a complete supplier for an extensive range of drilling, turning, threading and milling products for the metal processing industry.
To set up its Japan arm, WALTER utilized the Nagoya Invest Japan Business Support Center (IBSC), receiving a range of support, including consultation with expert advisors, information on local government subsidies and assistance holding press conferences.
*IBSCs are located in Japan's major business hubs (Tokyo, Yokohama, Nagoya, Osaka, Kobe and Fukuoka) and provide one-stop support and service to foreign firms seeking to set up or expand business in Japan. The centers, which provide free temporary office space, consultation with expert advisors and access to a wealth of business information, tailor support according to the specific needs and phase of development of each firm.
