Yokogawa Electric : Draws Up Transformation 2020, a New Mid-term Business Plan

In 2015, the Yokogawa Group established a long-term business framework that defines its goals for the next 10 years and describes what will be needed to accomplish them. The framework includes a vision statement on the direction that Yokogawa will take, defines Yokogawa's core competencies for achieving that vision, and specifies target businesses.

Subsequent to the establishment of that framework, there have been some notable shifts on the public policy front that include the adoption in September 2015 of the Sustainable Development Goals (SDGs) by the United Nations and the adoption in December of that year of the Paris Agreement at the 21st Conference of Parties to the United Nations Framework Convention on Climate Change (COP21). In light of these changes, Yokogawa has established sustainability goals (Three goals) and indicated the direction that it will take to achieve these goals. Moreover, in reviewing the direction it will take under the long-term business framework, Yokogawa has clarified the ideals that it will strive for in the next 10 years and beyond.

[Sustainability goals: Three goals]
To make the world a better place for future generations by 2050, we will (i) achieve net-zero emissions, (ii) transition to a circular economy, and (iii) ensure the well-being of all.

[Long-term business framework]
Vision statement
'Through 'Process Co-Innovation,' Yokogawa creates new value with our clients for a brighter future.' Under this vision, we aim to both maximize customers' economic value and solve social problems, while creating social and environmental value through our customers' businesses.
Core competencies
Three core competencies need to be strengthened, including the capability to co-create value by uncovering and resolving clients' potential issues.
There are three core fundamental competencies, including the capability to create extremely reliable products and solutions to support industries and society.
Businesses focus areas
Yokogawa continues to focus on the industries related to resources, energy, and materials. Also, under the TF2020 plan, we will seek to focus on new businesses in the pharmaceutical and food industries that support people's health and enrich lives. As one long-term initiative, the company will focus on the bioeconomy field.