JVCKENWOOD Corporation announced that it has formulated a new medium-term management plan, VISION 2023, starting from fiscal year 2021.

In 2015, the Company formulated its medium- to long-term management plan, VISION 2020, and while reviewing it in 2018, the Company has promoted management that uses return on equity (ROE) as its primary indicator. During this period, the market environment has changed faster than expected, and the global spread of COVID-19 has accelerated technological innovation through digital transformation (hereinafter "DX"), resulting in a major shift in the business environment surrounding the Company.

Under VISION 2023, in order to increase corporate value over the medium to long term in a rapidly changing business environment, the Company will transform into an organization that can earn stable business profits by securing a revenue base and structural reforms, strengthen the revenue base of existing business, establish new growth areas by redefining the business portfolio as we strive to become an excellent company. The initiatives are as follows.
Key themes for VISION 2023

• Respond to drastic changes in the market environment and shift to an earnings structure that earns stable business profits
• Clarify strategies and allocate resources by redefining the business portfolio
• Develop new business through expansion of the mobility & telematics service business and
  further evolution of the DX business
• Promote sustainability management based on “profitable growth” and “solving social issues on a
  global scale”

The Company will clarify strategies and allocate resources in each sector by redefining the business portfolio under VISION 2023. For the Public Serivice Sector, JVCKENWOOD expect to expand the market share of the North American Public Safety market with the increased sales of P25 Radios. The company will also strenghten is broadband business through business collaborations.

The full 'New Medium-Term Management Plan VISION 2023: Transformation & Growth' can be viewed here: