The watch with a name of "Citizen" was named in hopes of launching into the world and being widely loved by many citizens. All about production of Citizen began from this point. "The Fusion of Technology and Beauty" is a new value where a beautiful design that inspires people is perfected by the latest technology. We want to produce watches that are loved by people around the world. This desire incorporates our continuing pursuit of new beauty and leading-edge technology. We will continue to evolve our watch business to supply new value that will charm the owners of our products.
In 1970, Citizen utilized the know-how and technology developed for the in-house design and manufacture of its own equipment for the production of watches to begin external sales of NC automated lathes. We develop and provide industrial equipment including medium-diameter and short part machining for the automotive and construction industries as well as small diameter precision parts machining for the automotive, medical, and information technology industries. Going forward we will expand our product lineup and strengthen customer service, build a business model that creates new value for our customers, and provide not only individual products but total solutions as well.
Utilizing CITIZEN's miniaturization and precision production technologies developed through watch manufacturing, we provide a wide range of electronic components that are used in products that support society. Environmentally friendly LEDs consume little power and are long lasting, and we continue to evolve them into next-generation light sources. We are actively engaged in the development of LEDs for lighting to meet the increasing needs of the market based on the experience we have gained in the cellular phone market. We also contribute to a better society through such sectors as crystal devices and liquid crystal displays, which are important components for smart phones, digital cameras, and other devices, and automotive components, such as ABS and airbags.
Citizen's electronic products are increasing their presence as the business environment requires daily evolution and while people desire continued good health and a rewarding life. When stop into a shop or convenience store or print a photograph to give a friend, you might not realize that the commercial printers and photo printers you see around town utilize miniaturization, precision, and power conserving technologies that originated from wristwatches. Likewise, the health maintenance devices in sports gyms, clinics, and used at home to monitor your health and support daily health management, such as Digital blood pressure meters, Digital thermometers, and Digital pedometers, were developed from these core technologies. We will continue to monitor people's health and lifestyle needs to provide devices and solutions to meet those needs.
Citizen is also engaged in a variety of other types of businesses, such as development of our own amusement equipment systems, jewelry such as marriage rings, and leisure services such as ice skating and bowling. Citizen will continue to provide products and services that satisfy our customers by accurately responding the needs of society and the needs of the times.