What Nippon Manufacturing Service does

Nippon Manufacturing Service, operating as nms Holdings Corporation (Securities Code 2162, Tokyo Stock Exchange STANDARD market), is a Tokyo-headquartered manufacturing services group founded in 1985 that operates three distinct business segments under 25 wholly-owned subsidiaries. The Human Resource Solution (HS) segment dispatches manufacturing personnel, engineers, and technical interns to factories in Japan and across Asia, generating 23,172 million JPY in FY2025. The Electronics Manufacturing Service (EMS) segment, run through TKR Corporation, provides substrate mounting, assembly, pressing, resin molding, and repair across 10 locations in 6 countries including the U.S., Mexico, Vietnam, China, Malaysia, and Japan, and is the largest segment at 36,132 million JPY. The Power Supply (PS) segment, operated by Power Supply Technology Co., Ltd. (originating from a 2014 transfer of Panasonic's general power supply operations), designs and manufactures custom switching and high-voltage power supplies, magnet rollers, and transformers for industrial, office automation, and medical equipment customers, and holds the No. 1 market share in Japan for high-voltage power supply technologies; it generated 16,403 million JPY in FY2025.

The group serves enterprise customers across automotive, consumer electronics, industrial equipment, medical equipment, and office automation sectors through a direct enterprise sales model, with 68 business bases across 9 countries including Japan, China, Vietnam, Malaysia, Thailand, Hong Kong, Cambodia, Laos, the U.S., and Mexico. Revenue is generated through three distinct mechanics: professional services fees for staffing and dispatch, manufacturing services contracts for EMS work, and hardware sales for PS products, with B2B quote-based pricing that is not publicly disclosed. Consolidated FY2025 revenue reached 75,707 million JPY across 12,608 group employees.

The group has pursued a multi-decade roll-up strategy — acquiring SHIMA Electronic Industry (2010), TKR Corporation (2011), the Panasonic power supply operations (2014), and Sony Electronics' Mexico operations (2019) — and transitioned to a holding company structure in April 2017. In March 2025 it formed a capital and business alliance with WORLD HOLDINGS CO., LTD. to support further expansion. Major shareholders include banking institutions (MUFG Bank, Sumitomo Mitsui Banking, Mizuho Bank, Resona Bank, Mitsubishi UFJ Trust and Banking) acting as main banks, with no controlling parent entity.

Name

Nippon Manufacturing Service

Legal name

nms Holdings Corporation (ｎｍｓ ホールディングス株式会社)

Website

https://n-ms.co.jp

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

nms Holdings Corporation (Nippon Manufacturing Service) is a Tokyo-headquartered manufacturing services group operating three segments — Human Resource Solutions, Electronics Manufacturing Services, and Power Supply — across 68 bases in 9 countries, serving enterprise customers in automotive, electronics, industrial, medical, and office automation sectors.

Ownership category

akta.pro rank

Product category

Contract Manufacturing Services

NAICS

Relay and Industrial Control Manufacturing (335314), Other Electronic Component Manufacturing (334419)

SIC

Electrical Industrial Apparatus (3620), Miscellaneous Electrical Machinery, Equipment & Supplies (3690)

akta.pro primary industry

Industrial Electronics Manufacturing Services (EMS) (IMAGAGAA)

akta.pro secondary industry

Industrial Power & Energy Electronics Manufacturing Services (UPS, converters, inverters, chargers) (IMAGAGAI)

Keywords

• Manufacturing staffing services
• Electronics manufacturing services
• Power supply manufacturing
• Contract manufacturing
• Technical intern training

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices19 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Human Resource Solutions (HS): Provides manufacturing personnel dispatch, contract manufacturing, and technical intern training services. Personnel with expertise in manufacturing and production working in Japan and Asia. Net sales of 23,172 million JPY (YE2025).
2. Electronics Manufacturing Service (EMS): Substrate mounting, assembly, pressing, resin molding, and electronic equipment repair services through TKR Group operations across 10 locations in 6 countries. Net sales of 36,132 million JPY (YE2025).
3. Power Supply (PS): Development, design, manufacture, and sale of custom power supplies, magnet rollers, and transformers through PST Group. Net sales of 16,403 million JPY (YE2025).

Go-to-market motion3 records

Distribution channels2 records

Marketing channels4 records

Core offering

Nippon Manufacturing Service (nms Holdings Corporation) operates three integrated manufacturing support segments: HS (Human Resource Solution) provides manufacturing worker dispatch, contract manufacturing, and technical intern training; EMS (Electronics Manufacturing Service) delivers substrate mounting, assembly, pressing, resin molding, and electronic repair through the TKR Group across 10 locations in 6 countries; and PS (Power Supply) develops and manufactures custom power supplies, magnet rollers, and transformers for industrial, office automation, and medical equipment through Power Supply Technology Group.

Product overview

Nippon Manufacturing Service (nms Holdings Corporation) operates as a diversified manufacturing services group with three core business segments: HS (Human Resource Solution) providing staffing and dispatch services, EMS (Electronics Manufacturing Service) delivering substrate mounting and assembly through TKR Corporation, and PS (Power Supply) manufacturing power supplies through Power Supply Technology. The group also includes SHIMA Electronic Industry for assembly and nms Engineering for specialized engineering services. The portfolio spans worker dispatch, contract manufacturing, overseas operations support, repairs, and power supply products across 68 bases in 9 countries.

Differentiator

Problem solved

Functional benefit

Products and services

• Human Resource Solution Business (HS) Provides manufacturing worker dispatch, staffing, recruitment, contract manufacturing, logistics services, and technical intern training support for domestic and overseas operations. Personnel with expertise in manufacturing and production working in Japan and other Asian regions.
• Electronics Manufacturing Service Business (EMS) Offers substrate mounting, assembly, pressing, resin molding, and electronic device repair services through the TKR Group, including Mega EMS (mass production in developing countries with Japanese quality standards in Malaysia, Vietnam, and Mexico) and Custom-made EMS (customized electronics manufacturing in mature markets with design and development capabilities in Dongguan, China). Operates across 10 locations in 6 countries.
• Power Supply Business (PS) Develops, designs, manufactures, and sells custom-built power supplies including switching and high-voltage power supplies, magnet rollers, and transformers for industrial, office automation, and medical equipment applications through Power Supply Technology Co., Ltd.
• Engineering Services (nms Engineering) Provides engineer dispatch services, fee-based engineering placement, and design and development contract services including machine design, electrical and electronics design, and IT and software development for engineering clients.

Quantifiable outcome

• Full-year consolidated net sales of 75,707 million JPY (YE2025)
• +1 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered major and core.

• WORLD HOLDINGS CO., LTD.majorStrategic or Co-development Partner · 1 March 2025Capital and business alliance established with WORLD HOLDINGS CO., LTD. in March 2025, representing a strategic partnership for business expansion.
• Sony Electronics Inc. (U.S. subsidiary of Sony Corporation)coreStrategic or Co-development Partner · 1 March 2019TKR USA acquired functions and businesses of an operation division of Sony Electronics Inc. and its production base in Mexico. This acquisition enabled TKR to establish TKR de Mexico S.A. de C.V. and expand into automotive-related manufacturing in North/Central America.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Emerging players

• Kitron ASA: Norway-based EMS provider with focus on industrial, automotive, and defense electronics across Europe and selective Asia/US presence. Comparable to nms in mid-scale EMS with focus on industrial verticals rather than consumer electronics.

Broad incumbents

• Pegatron Corporation: Taiwan-based global EMS with significant China, Vietnam, and Mexico manufacturing. Competes with nms in substrate mounting and assembly services for automotive and electronics customers across similar Asian geographies.
• Jabil Inc. Global EMS provider with strong automotive and industrial electronics exposure. Comparable to nms's TKR Group in substrate mounting, assembly, and global manufacturing footprint, but operates at much larger scale.
• Hon Hai Precision (Foxconn): World's largest EMS provider with massive scale across consumer electronics, automotive, and industrial. Competes broadly with nms's TKR Group EMS segment but operates at vastly larger scale and across more end markets.
• TDK Corporation (TDK-Lambda): Global electronics component manufacturer with TDK-Lambda branded industrial power supplies. Competes with nms's PST Group in the broader industrial power supply market, though at much larger scale and broader product portfolio.
• Flex Ltd: Global EMS and ODM provider with operations in China, Malaysia, Mexico, and elsewhere. Overlaps with nms's TKR Group EMS geographic footprint (especially Mexico automotive) but at much larger scale and broader end-market exposure.

Direct peers

• Persol Holdings: Japan's leading staffing and HR solutions group, including manufacturing personnel dispatch. Directly comparable to nms's HS (Human Resource Solution) business in serving Japanese manufacturers with staffing and dispatch services.
• Cosel Co., Ltd. Japanese manufacturer of industrial power supplies, including switching and high-voltage power supplies. Directly competes with nms's PST Group (Power Supply Business) in the Japanese industrial and medical power supply market.
• WORLD HOLDINGS: Japanese HR solutions and technical staffing company that entered a 2025 capital and business alliance with nms. Directly comparable in the manufacturing-staffing segment, and now a strategic partner.
• Venture Corporation: Singapore-listed diversified EMS provider offering contract manufacturing and product engineering across Asia. Comparable to nms's EMS segment in scale, geographic focus, and customer mix (industrial, automotive, medical).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nippon Manufacturing Service