December 17, 2025
Rengo Subsidiary Howa Sangyo to Merge with Nissio Gravure and Establish Subsidiary
Rengo Co., Ltd. announces that it will merge Howa Sangyo Co., Ltd. and Nissio Gravure Co., Ltd. with the goal of improving the management efficiency of Rengo's consolidated subsidiaries to further enhance the Rengo Group's business performance. Howa Sangyo will also be establishing a subsidiary.
1. Merger between Howa Sangyo Co., Ltd. and Nissio Gravure Co., Ltd.
Howa Sangyo, a consolidated subsidiary of Rengo, will merge with and absorb Nissio Gravure, a consolidated subsidiary of Rengo and a subsidiary of Howa Sangyo.
Summary of merger
- Merger date (effective date):
April 1, 2026 (planned)
- Merger method:
The merger will be an absorption-type merger with Howa Sangyo as the surviving company, and Nissio Gravure will be dissolved. Since Howa Sangyo is merging with and absorbing its wholly owned subsidiary, no new shares will be issued in the merger, and there will be no capital increase.
Overview of the companies prior to reorganization
Howa Sangyo Co., Ltd. (surviving company)
| Location | 4-11-10 Narashino, Funabashi-shi, Chiba Prefecture |
|---|---|
| Representative | President and Chief Executive Officer Katsuhiko Kudo |
| Capital | 500 million yen |
| Shareholders | Rengo Co., Ltd. 100% |
| Main business | Printing, processing, and sales of plastic films, paper, cellophane, etc. Planning, manufacturing, and sales of sales promotion tools |
| Net sales | 88,455 million yen (fiscal year ended March 2025) |
| Number of employees | 1,584 |
Nissio Gravure Co., Ltd. (absorbed company)
| Location | 1436-2 Kamikoya, Yachiyo-shi, Chiba Prefecture |
|---|---|
| Representative | Representative Director & President Hiromasa Yamashita |
| Capital | 96 million yen |
| Shareholder | Howa Sangyo Co., Ltd. 100% |
| Main business | Printing, processing, and sales of plastic films, paper, cellophane, etc. Sales of gravure platemaking peripheral machinery |
| Net sales | 2,208 million yen (fiscal year ended March 2025) |
| Number of employees | 99 |
2. Establishment of subsidiary by Howa Sangyo Co., Ltd.
At the same time as the above merger, a wholly owned subsidiary of Howa Sangyo will be established to take over the machinery sales business of Nissio Gravure.
Overview of new company
| Company name | GRAVO Engineering Co., Ltd. |
|---|---|
| Location | 1436-2 Kamikoya, Yachiyo-shi, Chiba Prefecture |
| Capital | 30 million yen |
| Shareholder | Howa Sangyo Co., Ltd. 100% |
| Number of employees | 4 (planned) |
| Date of establishment | April 1, 2026 (planned) |