Rengo Co., Ltd. (Head Office: Kita-ku, Osaka; Chairman, President & CEO: Kiyoshi Otsubo) announces that it acquired 50.0% of the issued shares of TARUTANI Industrial Packaging Corporation (Head Office: Amagasaki-shi, Hyogo; President: Kiyotaka Tarutani), and making TARUTANI a Rengo subsidiary.
In addition, Nihon Matai Co., Ltd. (Head Office: Taito-ku, Tokyo; Representative Director and President: Takao Nakanishi), a wholly-owned Rengo subsidiary, acquired 20% of TARUTANI's shares, bringing the combined equity stake to 70%.
TARUTANI Industrial Packaging manufactures and sells kraft paper bags, wooden pallets, and procures and sells packaging materials such as flexible containers and plastic pallets. Additionally, Tarutani Pack Co., Ltd., a subsidiary of TARUTANI Industrial Packaging, has a factory in Kakogawa-shi, Hyogo and engages in the corrugated packaging business.
Rengo will strengthen collaboration between TARUTANI Industrial Packaging and Nihon Matai, a core company of the Rengo Group‘s heavy duty packaging business, and will pursue further expansion of its heavy duty packaging business.