Kubota Corp. Chairman and President Yasuo Masumoto indicated in an interview with Kyoto News on Thursday his readiness to acquire a foreign maker of large field-farming machinery by the end of this year to expand overseas operations, Kyodo News reported.
Masumoto, 65, also said the Osaka based machinery maker plans to raise the ratio of overseas operations in its group sales to more than 70% in fiscal 2017 through March 2018.
He said, "We have to speedily make an acquisition" of a foreign farm machinery maker to expand business in Europe and the U.S. where agriculture is centered on field farming.
Apart from the acquisition, Kubota is studying the possibility of outsourcing production of such machinery as well as developing it by itself, Masumoto said.
He also expressed his readiness to expand operations in Asia, in particular in India amid its remarkable economic growth, saying Kubota plans to launch versatile tractors suitable for use in India by the end of this year.
By expanding overseas operations, Kubota hopes to double its group sales from Y1,008 billion in fiscal 2011 ended March to Y2 trillion in fiscal 2017, Masumoto said.