Exiting liquid-crystal materials and compressing assets by selling shares and artworks (2024)

Placed on the same measure

The transfer of Seiko PMC booked a loss on sale of $29.8M (¥5bn). Get the invested capital out first, even at the cost of crystallising the loss — the decisions taken from 2024 line up in that order. The liquid-crystal materials developed in-house in 1973, and the museum run since 1990, were measured not by whether they could be continued as businesses but by whether they cleared the cost of capital. Placing half a century of proprietary technology and a facility that drew more than 50,000 signatures on the same measure is the hard arithmetic of the two years under President Ikeda.

What the cash released by that compression is for has not yet become a number. Operating profit of ¥52.2 billion for the year to December 2025 includes the effect of the structural reforms, but sales fell to ¥1.0522 trillion, so the portion representing a genuinely thicker earning power cannot be separated out. How the hundred or so works retained will be used likewise waits on the new west wing, due for completion in 2030. The OASIS funds still held 11.60% in total at the end of December 2025. The subtraction has been done; the plan for addition has not yet been put before shareholders.