{ "spec_version": "4", "endpoint": "history", "stock_code": "6474", "company_name": "不二越", "content_lang": "ja", "meta_lang": "en", "canonical_url": "https://the-shashi.com/tse/6474/decisions/", "api_url": "/api/6474/history.json", "updated": "2026-10-03", "license": "© 2026 Yutaka Sugiura. All rights reserved.", "attribution": "The社史 (the-shashi.com) — https://the-shashi.com/tse/6474/decisions/", "source": { "chapters": { "html_url": "https://the-shashi.com/tse/6474/", "primary": [ "社史", "有価証券報告書", "新聞・雑誌記事" ], "extraction": "一次資料を読み合わせて執筆" }, "long_term": { "primary": [ "日本企業要覧（1981年版）" ], "extraction": "EDINET の XBRL、kabupro 掲載の旧有価証券報告書、会社年鑑・社史等からの転記", "row_field": "reference", "caveat": "創業期から現在までを 1 本に繋いだ長期系列のため、年代により出所・単位・連結範囲が変わる。行ごとの reference / unit / consolidation を必ず参照すること" } }, "title": "不二越の歴史概略", "eras": [ { "title": "井村荒喜の不二越鋼材工業創立と金切りのこ刃・ドリル", "start_year": 1928, "end_year": 1937, "phase": "founding" }, { "title": "東富山製鋼所の一貫生産とベアリング・工作機械への多角化", "start_year": 1938, "end_year": 1968, "phase": "growth" }, { "title": "産業用ロボットへの参入とブラジル・米国などへの海外進出", "start_year": 1969, "end_year": 2002, "phase": "growth" }, { "title": "チェコ・中国でのベアリング工場設立と東京本社への一本化", "start_year": 2003, "end_year": 2026, "phase": "maturity" } ], "overview": [ { "label": "創業", "text": "1928年12月21日、中越水電の元支配人の井村荒喜氏が、富山県上新川郡山室村石金で資本金20万円の不二越鋼材工業を創立した。中越水電は1924年に余剰電力の消化を狙ってぜんまいを熱処理する中越製作所を設けており、井村荒喜氏はそこで焼入れを試していた。1927年に中越水電が富山電気と合併すると、井村荒喜氏は新会社に加わらず工具の国産化へ移った。1929年3月に金切りのこ刃（ハクソー）の生産を始め、1963年8月に商号を不二越へ改めた。" }, { "label": "決断", "text": "経営権を自社に残したまま、売れる工具へ経営資源を寄せ直してきた会社である。1930年3月の火災のあと、大阪系の株主は再建資金と引き換えに経営権と販売権の移譲を求めたが、井村荒喜氏は委託経営を拒み、払込資本金を5万7,300円に減資して事業を続けた。あわせて赤字のばねをやめてハクソーに絞り、1931年初めに特約店11店でナチ鋸刃会を結んで販路を固めた。同年9月に三宅工具製作所を買収してドリルへ進み、1932年末に高速度鋼ドリルの製造を始めた。一方で、材料の鋼は輸入材への依存が続き、素材の自社生産が課題として残った。" }, { "label": "現況", "text": "現在の主な収益源は、祖業の工具ではなく軸受・油圧機器などの部品である。2025年11月期の連結売上高2,359億円のうち、部品が1,473億円と6割強を占め、機械工具は734億円にとどまる。地域別では日本が1,160億円で、売上の約半分を海外で上げる。一方で、売上高は2023年11月期の2,655億円を頂点に2期続けて減り、営業利益は2022年11月期の170億円から2024年11月期の66億円まで縮んだ。2025年11月期は98億円に戻したが、部品の利益率は3.4%にとどまる。" }, { "label": "競合", "text": "軸受・工具・ロボットのそれぞれで、規模か採算で勝る専業大手と向き合っている。軸受では[日本精工](/tse/6471/)と[NTN](/tse/6472/)が売上高8,000億〜9,000億円規模で先を行き、工具では[オーエスジー](/tse/6136/)が2025年11月期に売上高1,606億円、営業利益率12.7%を上げた。これに対し、不二越の同じ期の営業利益率は4.1%で、工具を含む機械工具でも5.8%にとどまる。素材から製品までを1社で抱える総合型の強みを、どの市場でも専業との採算の差が打ち消している。" } ], "profile": [ { "key": "founding_business", "label": "祖業", "value": "金切りのこ刃（ハクソー）とばね" }, { "key": "current_issue", "label": "現在の注力課題", "value": "部品事業の採算の立て直し", "tags": [ "収益改善" ] } ], "timelineLead": "1928年に中越水電の元支配人の井村荒喜氏が富山で創立した不二越鋼材工業が起源。\n1929年に金切りのこ刃の生産から始め、1938年に製鋼所を設けて素材から製品までの一貫生産体制を整えた。軸受・油圧機器などの部品が売上の6割強を占め、売上の約半分を海外で上げる機械メーカーである。", "foundingStory": true, "summary": { "description": "不二越の歴史を創業から現在まで一次資料でたどる。沿革・財務・歴代社長・大株主・セグメントの長期データを時系列で横断。" }, "chapters": [ { "start_year": 1928, "end_year": 1937, "main_title": "井村荒喜の不二越鋼材工業創立と金切りのこ刃・ドリル", "subsections": [ { "title": "中越水電の支配人だった井村荒喜氏の転身と、資本金20万円の不二越鋼材工業", "text": "1928年12月21日、中越水電の元支配人の井村荒喜氏は、富山県上新川郡山室村石金に資本金20万円の不二越鋼材工業を創立した。中越水電は昼間の余剰電力を消化する策として電気による熱処理に着目し、1924年10月にぜんまいを熱処理する中越製作所を設けていた。井村荒喜氏は電気工夫のペンチまで輸入品である実態に驚き、工具の国産化を志したと回想した。1927年に中越水電が富山電気と合併すると、井村荒喜氏は新会社に加わらず、温めていた工具事業の準備に移った。株式4,000株のうち2,800株を井村荒喜氏が引き受け、払込資本金は8万円。電力の供給側から消費側への転身は、余剰電力の活用と輸入工具の置き換えを1つの事業で果たす狙いだったと考えられる。\n\n不二越鋼材工業の事業計画書は、ばね・金属熱処理・ハクソー（金切鋸刃）の製作を第1期に置き、原材料の生産と工具の製作を第2期に回した。目標はばねと鋼材焼入れで月産120〜150トン、ハクソーで月産5,000グロス。井村荒喜氏は工具の最も難しい工程を熱処理とみて、中越製作所の時代からばねで焼入れを試していた。1929年3月18日に試運転を終え、同月下旬からばねとハクソーの生産を始めた。ハクソーは輸入材の納期遅れと熱処理炉の不調で量産に至らず、鉄道車両用ばねを当初の主力に置いた。ハクソーの出荷は11月にずれ込み、ばねも安値受注で赤字が続いた。焼入れの実績があるばねで操業を支え、ハクソーの立ち上げまでの時間を稼ぐ順序だったといえる。\n\n不二越は創立と同時に大阪に営業所を置き、翌年には東京にも出張所を設けた。工具の需要先は全国に散り、1件ごとの取引量も小さかったため、販売には機械工具商の協力が欠かせなかった。創立当初、井村荒喜氏はハクソーをみかん箱に詰め、自転車で大阪・立売堀の問屋筋を回ったと伝えられる。井村荒喜氏は日本製を不良品とみなす町工場の説得に苦労し、最初に購入した民間の大工場は三菱長崎造船所だったと振り返った。販売を委ねた酒井寛三商店では成果が出ず、1930年に大阪の有力な機械工具商7店と取引契約を結んだ。社長自らの行商は、販路を持たない新規参入者が評判を得るまでの手段だったと推察される。", "references": [ { "title": "不二越五十年史（1978）序章 創業の背景", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "不二越五十年史（1978）1章 事業基礎の確立", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "私の履歴書 経済人4「井村荒喜」", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ], "start_year": 1928, "opinionPos": [ [ 320 ], [ 315 ], [ 285 ] ] }, { "title": "火災で5万7,300円に減った資本と、特約店11店のナチ鋸刃会", "text": "1930年3月14日、倉庫付近から出た火が工場に燃え移り、試験室とハクソー焼入室を除く建物が焼けた。不二越は3月30日に従業員37名をいったん整理し、大阪系の株主は再建資金と引き換えに経営権と販売権の移譲を求めた。井村荒喜氏は委託経営を拒み、9月の臨時株主総会で払込資本金11万5,380円を5万7,300円に減資して事業を続ける案を通した。生産再開にあたっては、赤字続きのばねをやめ、ハクソーへ経営資源を集中。ハクソーの製造技術はすでに固まっており、工場の復旧も早かった。同年9月には鉄道省がナチ製品を外国製品より優秀と認定し、再建を後押しした。減資は損失を確定させる代わりに、経営権を手元に残す選択だったのだろう。\n\n生産を再開したころからナチ印ハクソーの評価が高まり、大阪と東京の大手機械工具商が不二越に関心を寄せた。井村荒喜氏は取引先の岩田米次郎氏・三木市三郎氏と相談し、1931年初めに名古屋・東京の4店を加えた11店と特約店契約を結んだ。この11店でナチ鋸刃会が発足した。契約は1店あたり6か月通算1,000グロスを単位とし、未達の店の分を他店が引き受ける連帯制をとった。10インチ品の工場原価は1グロス6円33銭で、問屋卸値8円70銭〜10円のグーデルプラット（米）を下回る水準である。井村荒喜氏は即納の倉庫を自前で抱える資本は無いとみて、先輩の反対を押し切って代理店制度を採った。連帯で販売を請け負わせる仕組みは、在庫と販路の負担を特約店と分け合う工夫と思われる。\n\nハクソーの量産は1931年秋ごろ安定し、不二越は次の品目としてドリルの研究に着手した。ドリルは切削工具の中で需要が最も大きく、大量生産を見込めるうえ、販路もハクソーと重なる。1931年9月、不二越は呉でドリルを製造していた三宅工具製作所の機械設備と営業権を1万7,500円で買収した。三宅森助氏は工員10数名と設備一式を携えて富山に移り、翌10月からドリルの製作に取りかかった。井村荒喜氏は中越水電の時代から、手びきのこやドリルまで外国品で占められる状況を問題視していた。国内のドリルメーカーが出そろった後の参入だったため、技術者と設備を一度に得る買収で立ち上げを早めたとみられる。", "references": [ { "title": "不二越五十年史（1978）序章 創業の背景", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "不二越五十年史（1978）1章 事業基礎の確立", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "私の履歴書 経済人4「井村荒喜」", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ], "start_year": 1930, "opinionPos": [ [ 308 ], [ 328 ], [ 290 ] ] }, { "title": "高速度鋼ドリルでクリーブランド社に挑んだナチ工具と、300万円に増えた資本金", "text": "当時の輸入ドリルは大半が炭素工具鋼製で、市場ではクリーブランド社（米）の製品が優位を占めていた。不二越も炭素工具鋼のストレートシャンクドリルから始め、1931年10月に「ホーブ」印で発売した。欧米の例から高速度鋼ドリルの普及を見込み、1932年末に高速度鋼ドリルの製造を始めた。焼入れ温度が上がらない問題には直熱式塩浴炉で対処し、1933年に民間で初めて実用化した。売上高は1931年の8万3,100円から1932年に23万8,000円へ約3倍となり、同年上期には初めて6%の配当に踏み切った。1935年のドリル売上高は91万8,000円で、1932年の14倍にあたる。井村荒喜氏は日本の使い方に合わせて製品を改め、1932年ごろから利益が目に見えて増えたと回想した。\n\n不二越は1台4万〜7万円の外国製工作機械を輸入し、1937年には世界最高水準の機種をほぼそろえた。設備資金は利益だけでは賄えず、資本金は1931年11月の7万円を皮切りに4回の増資を経て、1937年3月に300万円となった。資産は1931年下期末の13万2,000円から1937年下期末の607万円へ46倍に増え、1936年には大阪株式取引所に上場した。井村荒喜氏は銀行融資を得られない中で、利益を設備の増強と研究費に充当したと振り返った。一方、材料はショーラーブレックマン社（オーストリア）やドイツ特殊製鋼社の外国材に依存した。安来製鋼所が1935年に開発した高速度鋼も、全面採用には至らなかった。量産が進むほど輸入鋼材への依存が弱点として顕在化し、素材の自社生産へ向かわせたと推測される。", "references": [ { "title": "不二越五十年史（1978）序章 創業の背景", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "不二越五十年史（1978）1章 事業基礎の確立", "year": null, "month": null, "date": null, "url": null, "quotes": [] }, { "title": "私の履歴書 経済人4「井村荒喜」", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ], "start_year": 1932, "opinionPos": [ [], [ 345 ] ] } ] } ], "long_term": [ { "year": 1950, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1951, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1952, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1953, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1954, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1955, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1956, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1957, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1958, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1959, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1960, "month": 11, "company_name": "不二越", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, 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