Fuji Heavy Industries has announced on Thursday that it will rebrand itself, by changing its name to Subaru Corporation.
Fuji Heavy Industries’ board of directors have decided this week to change the company’s name to Subaru Corporation starting from 1 April 2017. This move will have to be approved by its shareholders on their general meeting scheduled for June 28. The history of Fuji Heavy Industries dates while back to 1917, with the founding of Aircraft Research Laboratory, while its current name was established in 1953. The company expanded its businesses over time, ranging from aerospace and industrial products to its primary segment of Subaru automobiles, which have started with the introduction of the Subaru 360 minicar in 1958.
Over recent years, Fuji Heavy Industries has constantly grown its operations, reporting record profits thanks to Subaru division. The brand managed to raise its global sales to 958,000 units, mainly due to the North American market, which accounted for 630,000 vehicles, an all-time record for the 7th consecutive year. By contrast, demand for Subaru cars fell by 10.7 percent last year in Japan to 145,000 units.
While the company’s net income jumped a 66.7 percent to 436.7 billion yen (4 billion dollars) for the financial year ended in March, FHI expects from the current one however not to be as positive because of a stronger yen. Nevertheless, its unit sales are projected to increase 9.6 percent to 1,050,000 units, surpassing the 1-million milestone for the first time in the company’s history.