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October 9, 2024
Rengo to Reorganize Consolidated Subsidiaries
Rengo Co., Ltd. announces that it will dissolve Shanghai Rengo Packaging Co., Ltd. (hereinafter "Shanghai Rengo") and transfer the company's business rights to Wuxi Rengo Packaging Co., Ltd. (hereinafter "Wuxi Rengo") with the goal of improving the management efficiency of its consolidated subsidiaries to further enhance the Rengo Group's business performance.Summary of reorganization- 1.
- Shanghai Rengo will cease production by October 31, 2024 and transfer production to Wuxi Rengo.
- 2.
- (i) Shanghai Rengo will begin procedures for liquidation on October 9, 2024.
(ii) Wuxi Rengo will establish a sales branch in Shanghai. (Scheduled for January 2025) - 3.
- Rengo will purchase Shanghai Rengo's 8.11% equity stake in Wuxi Rengo. (Scheduled for May 2025)
Overview of companies to be reorganized
Wuxi Rengo Packaging Co., Ltd.
Location 21 Huayou Dong Road, Huayou Industrial Park, Xinwu District, Wuxi, Jiangsu 214142, China Representative Chairman Hirofumi Hori Corporate officer General Manager Yoshifumi Tamada Capital USD 60.4 million Shareholders Rengo Co., Ltd. 83.61%
Rengo Nonwoven Products Co., Ltd. 8.28%
Shanghai Rengo Packaging Co., Ltd. 8.11%Main business Manufacturing and sales of corrugated packaging, corrugated boxes, and nonwoven products Shanghai Rengo Packaging Co., Ltd. (dissolving company)
Location No. 1111, Jinxiang Road, China (Shanghai) Pilot Free Trade Zone, Shanghai 201206, China Representative Chairman Hirofumi Hori Corporate officer General Manager Hidekazu Iijima Capital USD 25.0 million Shareholders Rengo Co., Ltd. 100.00% Main business Manufacturing and sales of corrugated packaging, corrugated boxes, and paper tubes