Chapter 4: An Economic Crisis

DENSO’s period of relative harmony and prosperity stalled abruptly as the global economy was shaken to its core by the onset of what is now known as the great financial crisis, which began in 2007. Like many companies, the DENSO business in Europe was not immune to the effects of this historic event, leaving executives with the task of minimizing losses while protecting employment.

Even in these critical and challenging times, when many other companies would have laid off workers without hesitation, DENSO prioritized its associates, reflecting the company’s spirit and values while emphasizing a united approach based on Foresight, Credibility, and Collaboration.

One example captures this perfectly. In a bid to save money, the associates of one plant took individual responsibility for cleaning and maintenance of the facilities, with the team pulling together and taking real pride in their workplace. This achieved a modest cost saving yet illustrates the significance of personal contributions that associates can make. Another plant saw the period of low production as an opportunity to devote time to improving their skills, and the entire workplace worked on raising their skill levels and enhancing their monozukuri capabilities for the future. Both examples are typical of DENSO, whose associates believe in continuous growth and are committed to doing what they can, even in difficult times.