Imasen Electric Industrial Co., Ltd.
7266・Standard Market・Transportation Equipment
Business
Imasen Electric Industrial Co., Ltd. was founded in 1939 as a specialized automotive parts manufacturer, forming a group comprising the Company along with 14 subsidiaries and 2 affiliated companies. Its main products are automotive seat adjusters (slide, recline, and power seat mechanisms), Electrical Components, and Electronic Products such as Inverters, with manufacturing and sales operations conducted across three segments: Japan, North America, and Asia. Its principal customers are automotive OEM manufacturers and seat manufacturers, and the Company is also promoting global sales expansion through a capital and business alliance with TS TECH Co., Ltd. In addition, the Company handles welfare equipment such as Electric Wheelchairs and Prosthetic Arms/Legs as well as Wire Harnesses for Aircraft, reflecting the diversity of its business operations. Consolidated net sales for FY2026 (ending March 2026) were ¥87,149 million.
Business Model
The company secures orders on a model-by-model basis from automotive OEM manufacturers and seat makers, and manufactures and delivers products through production sites in Japan, North America, and Asia, operating an order-based business model. Development costs are recovered through a scheme involving overseas sites, with a structure in which profits are accumulated through cost reduction and rationalization investments after the transition to mass production. Capital expenditures are made both for new model launches and production rationalization, with ¥3,805 million invested in FY2026 (ending March 2026).
Company Strengths
Since beginning production of recliner adjusters in 1965, the company has maintained a manufacturing track record of over 60 years in Seat Mechanism Products. It has established a tri-polar system spanning Japan, North America (the U.S. and Mexico), and Asia (China, Thailand, India, the Philippines, Indonesia, and Taiwan) to meet customers' global procurement needs.
In November 2020, the company concluded a capital and business alliance with TS TECH Co., Ltd. to build a joint global sales expansion framework. It is advancing collaboration with TS TECH in securing new orders in the Indian market and expanding sales to local OEM manufacturers in China, thereby achieving access to customer bases that would be difficult to reach alone.
Mazda Imasen Electric Drive Co., Ltd., a joint venture established with Mazda Motor Corporation, is responsible for technology and production engineering development of Electronic Products, focusing on high-efficiency power electronics technology, model-based development, EMC development, and E/E architecture development as key themes. The company is preparing for mass production of next-generation inverter products, positioning them as a medium- to long-term growth driver.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) was ¥87,149 million, down ¥7,192 million from ¥94,341 million in the previous period. Revenue has trended downward over the past two periods, moving 85,155→99,730→99,730→94,341→¥87,149 million since FY2022. On the other hand, operating profit improved significantly to ¥2,037 million from ¥393 million in the previous period (approximately 5.2x), and net income also increased to ¥2,480 million from ¥2,084 million in the previous period. The operating margin improved to 2.3%, and ROE improved to 4.6% (post-correction). An impairment loss of ¥6 million was recorded in the Asia segment. The effects of cost reduction, production consolidation, and automation investment have lifted profit levels, while external factors such as automotive production volume trends, foreign exchange rates, and raw material prices remain key drivers of performance fluctuation.
Growth Strategy
Focusing on two core businesses—Seat/Electrical Components and Electronics—through 9 key initiatives to achieve net sales of ¥91,000 million, an operating margin of 4.0%, and ROE of 4.0% or higher
Consolidating production from the Tennessee plant to the Ohio plant, introducing automated assembly lines and relocating a 1,500-ton press machine to reduce logistics costs and establish an integrated production system. Also underway is warehouse function insourcing and on-site logistics rationalization through expansion of the Ohio plant building. Capital expenditure in North America for FY2026 (ending March 2026) totaled ¥1,223 million, a large-scale investment.
Optimizing production sites by relocating the Okayama plant's electrical components line to Chubu and consolidating the Haruzato and Kani plants into the Gifu plant. Cost reduction effects from rationalization investments and improvement measures exceeding plan progress contributed ¥580 million to Japan segment profit in FY2026 (ending March 2026).
In response to expanding demand in the Indian market, strengthening increased production capacity through the introduction of high-efficiency lines for new models and new press lines. Enhancing cost competitiveness through local procurement and in-house production of components as well as local procurement of equipment, molds, and jigs. Asia segment profit for FY2026 (ending March 2026) was ¥956 million, the highest level among the three segments.
Promoting investment toward building a mass production system for the electronics business (inverter products) within the Japan segment. Aiming to diversify revenue as a new business area.
Promoting global joint sales expansion activities with TS TECH CO., LTD. and sales expansion activities targeting local OEM manufacturers in China to increase order intake. Acquiring new orders during the phase of declining net sales is key to medium-term sales recovery.
Last updated: July 19, 2026