The most common question our employees are asked when meeting someone for the first time is, "Why do you add the word 'new' to it?"
It's certainly a bit worrying, isn't it?
This time, we will explore the history of why company names have the character "new" in them!
Two bankruptcies before the establishment of "New Cosmos Electric"
NEW COSMOS ELECTRIC was established in 1960, but its roots include two prior companies that both went through bankruptcy.
The first was Fukushima Electric Works, founded in 1934 as a specialist manufacturer of variable resistors used to control the volume of televisions and radios. In addition to variable resistors, the company expanded into intermediate-frequency transformers and coils, and at its peak grew into a large enterprise with more than 2,000 employees. During the period of rapid economic growth, it attempted to shift from a components manufacturer to a comprehensive home appliance manufacturer. However, this transformation was not successful, and the company was forced into bankruptcy in June 1957.
The second was Osaka New Cosmos Electric. After the bankruptcy of Fukushima Electric Works, employees who remained at the Osaka factory rebuilt the business, and Osaka New Cosmos Electric was founded in 1957. Around 150 remaining employees worked tirelessly to restore the company, but the business did not fully recover and ultimately went bankrupt in April 1960.
The birth of “New Cosmos Electric”
After experiencing bankruptcy twice and with reconstruction by the company itself abandoned, the labor union took the lead in establishing what is now NEW COSMOS ELECTRIC CO., LTD.
The word “New” expresses the determination of the employees at that time to start again from the beginning through their own efforts.
Our company history notes that, despite the extremely difficult business environment, many employees were young and the atmosphere within the company was bright and positive. The desire to hold on to hope and to open up a bright future even amid hardship is deeply connected to our Corporate Philosophy and forms the origin of our company today.