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October 3, 2022
Rengo Reorganizes Consolidated Subsidiaries
Rengo Co., Ltd. announces that it has reorganized the consolidated subsidiaries described below with the goal of improving the management efficiency of its consolidated subsidiaries and further enhancing the Rengo Group's business performance.1. Absorption-type merger of Converting Technologies Co., Ltd.
by Takigawa Corporation JapanTakigawa Corporation Japan completed an absorption-type merger with Converting Technologies Co., Ltd. which holds 68.7% of shares of Takigawa Corporation Japan.Summary of absorption-type merger- 1.
- Date of merger (effective date): October 1, 2022
- 2.
- Method of merger
Converting Technologies Co., Ltd was dissolved through an absorption-type merger in which Takigawa Corporation Japan is the surviving company.
Since this is a merger of wholly owned subsidiaries of Rengo, no new shares will be issued in the merger, and there will be no capital increase.
Pre-merger overview of both companiesOverview of Takigawa Corporation Japan (surviving company)
Location 4-12-1 Narashino, Funabashi-shi, Chiba Prefecture Representative President Takashi Kuwabara Capital 90 million yen Shareholders Rengo Co., Ltd. 31.3%
Converting Technologies Co., Ltd. 68.7%Main business Manufacturing and sales of flexible packaging products Net sales Approx. 13.4 billion yen (fiscal year ended March 2022) Number of employees 288 Overview of Converting Technologies Co., Ltd. (dissolving company)
Location 4-12-1 Narashino, Funabashi-shi, Chiba Prefecture Representative President Takashi Kuwabara Capital 10 million yen Shareholder Rengo Co., Ltd. 100% Main business Holding company, contracted manufacturing of flexible packaging products Net sales Approx. 5.1 billion yen (fiscal year ended May 2022)
2. Partial transfer of Takigawa Corporation Japan shares from
Rengo to Howa Sangyo Co., Ltd. and Nihon Matai Co., Ltd.Following the completion of the aforementioned absorption-type merger, Rengo transferred 15% each of its shares of Takigawa Corporation Japan (100% of all issued shares, less treasury stock) to Howa Sangyo Co., Ltd. and Nihon Matai Co., Ltd.Summary of share transfer1. Share transfer date October 3, 2022 2. Share transferor Rengo Co., Ltd. 3. Share transferees Howa Sangyo Co., Ltd., Nihon Matai Co., Ltd. 4. Applicable shares Shares of Takigawa Corporation Japan 5. Number of shares transferred 8,445 shares each
(15% of all issued shares each, less treasury stock)Overview of Howa Sangyo Co., Ltd.
Location 4-16-12, Narashino, Funabashi-shi, Chiba Prefecture Representative President and Chief Executive Officer Yoshitaka Ozawa Capital 500 million yen Shareholder Rengo Co., Ltd. 100% Main business Manufacturing and sales of flexible packaging products Net sales Approx. 68.1 billion yen (fiscal year ended March 2022) Number of employees 1,222 Overview of Nihon Matai Co., Ltd.
Location 2-6-7 Motoasakusa, Taito-ku, Tokyo Representative Representative Director, President Takao Nakanishi Capital 7,292 million yen Shareholder Rengo Co., Ltd. 100% Main business Manufacturing and sales of heavy duty packaging products Net sales Approx. 41.4 billion yen (fiscal year ended March 2022) Number of employees 729
3. Transfer of Nissio Gravure Co., Ltd. shares from
Takigawa Corporation Japan to Howa Sangyo Co., Ltd.All shares of Nissio Gravure Co., Ltd. held by Takigawa Corporation Japan (84.2% of all issued shares, less treasury stock) were transferred to Howa Sangyo Co., Ltd.Summary of share transfer1. Share transfer date October 3, 2022 2. Share transferor Takigawa Corporation Japan 3. Share transferee Howa Sangyo Co., Ltd. 4. Applicable shares Shares of Nissio Gravure Co., Ltd. 5. Number of shares transferred 149,000 shares
(84.2% of all issued shares, less treasury stock)Overview of Nissio Gravure Co., Ltd.
Location 1436-2 Kamikoya, Yachiyo-shi, Chiba Prefecture Representative Representative Director & President Hiromasa Yamashita Capital 96 million yen Major shareholder Howa Sangyo Co., Ltd. 84.2% Main business Manufacturing and sales of flexible packaging products Net sales Approx. 2.6 billion yen (fiscal year ended May 2022) Number of employees 118 