Rengo Subsidiary Howa Sangyo to Merge with Nissio Gravure and Establish New Company

Rengo Co., Ltd. announces that Howa Sangyo Co., Ltd., a consolidated subsidiary, will merge with Nissio Gravure Co., Ltd., another consolidated subsidiary under Rengo's umbrella, to improve management efficiency and enhance overall group performance. Howa Sangyo will also establish a new subsidiary as part of the reorganization.

The merger, set for April 1, 2026, adopts an absorption-type structure where Howa Sangyo survives and Nissio Gravure dissolves. As Howa Sangyo fully owns Nissio Gravure, no new shares issue and no capital increase occur.

Howa Sangyo Co., Ltd., located at 4-11-10 Narashino, Funabashi-shi, Chiba Prefecture, operates under President Katsuhiko Kudo with 500 million yen capital, fully owned by Rengo. Its main businesses include printing, processing, and sales of plastic films, paper, cellophane, and sales promotion tools, posting net sales of 88,455 million yen for the fiscal year ended March 2025 with 1,584 employees.

Nissio Gravure Co., Ltd., based at 1436-2 Kamikoya, Yachiyo-shi, Chiba Prefecture, led by President Hiromasa Yamashita, holds 96 million yen capital and is 100% owned by Howa Sangyo. It focuses on printing, processing, sales of plastic films, paper, cellophane, and gravure platemaking machinery sales, achieving 2,208 million yen net sales for the same period with 99 employees.

Concurrently, Howa Sangyo establishes GRAVO Engineering Co., Ltd., a wholly owned subsidiary taking over Nissio Gravure's machinery sales business. The new entity, at the same Yachiyo-shi address, starts with 30 million yen capital, 100% Howa Sangyo ownership, four planned employees, effective April 1, 2026.