Rengo Co., Ltd. (Head Office: Kita-ku, Osaka; Chairman & CEO: Kiyoshi Otsubo) announces that its Board of Directors has decided to acquire another 46% of shares issued by Sun･Tox Co., Ltd.—an affiliated company of Rengo that is 80% owned by Tokuyama Corporation and 20% by Rengo—from Tokuyama Corporation on October 1, 2020 (planned), making Sun･Tox a Rengo subsidiary.
This acquisition of shares is subject to the approval pertaining to the Antimonopoly Act from the Japan Fair Trade Commission.
Sun･Tox is a plastic film manufacturer with production locations in Itako-shi, Ibaraki Prefecture and Shunan-shi, Yamaguchi Prefecture. It is a major film supplier of the Rengo Group for many years. In October 2015, Rengo subscribed for an allocation of new shares to a third party by Sun･Tox. Since then, Rengo has worked jointly with Tokuyama Corporation to strengthen and develop Sun･Tox's plastic film business.
Through the acquisition of this subsidiary, the Rengo Group will further strengthen collaboration with Sun･Tox and as “General Packaging Industry (GPI) Rengo,” seek to further enhance its flexible packaging business which is one of its six core business fields.