Lixil Group Corp., Japan's largest housing fixtures maker, will try to raise its annual overseas sales to ¥1 trillion by 2020 on a consolidated basis, its president said Wednesday.
"We have established a base to expand globally," Yoshiaki Fujimori said in a speech in New York, referring to Lixil's acquisitions of ASD Americas Holding Corp. and Europe's Grohe Group this year.
Until 2020 when Tokyo hosts the Olympics, Lixil will continue to "change its domestic market-dependent management structure" by increasing overseas sales by nearly fivefold from that of fiscal 2012, which ended in March, he said.
Fujimori also shared a plan to hire at least one foreign executive as Lixil needs to implement its global strategy.
Meanwhile, Fujimoto said his company will work to raise the 3.5 percent sales-to-operating profit ratio in the last fiscal year to 8 percent "to become a high-revenue company."
Business sectors will be sold or realigned if they do not achieve the 8 percent target, he added.