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Nippon Paper Group to Relocate Headquarters, Merge Certain Businesses
April 25, 2012 - Nippon Paper Group, Inc. said that it has decided to relocate its headquarters and the headquarters of major Group companies. The group companies scheduled for relocation are:
The Nippon Paper Group has been taking steps, including a reduction in the number of the workforce, to improve its earnings in the domestic paper business, the Group’s mainstay business, under its "Plan for Paper Business Revitalization." In addition, the company today decided to review its existing holding company system, and transform its business structure using the Group’s comprehensive strength. By taking the opportunity of the commencement of the new Nippon Paper Group, with this structural transformation, the company has decided to relocate its headquarters. Through this relocation, the company will aim to cut costs by downsizing its headquarters, while improving the efficiency of Group management by strengthening and improving cooperation within Group companies at their new office sites. BUSINESS MERGERS Nippon Paper Industries Co., Ltd. will merge with Nippon Daishowa Paperboard Co., Ltd., NIPPON PAPER-PAK CO., LTD., and Nippon Paper Chemicals Co., Ltd. on October 1, 2012. In addition, the Company will merge with Nippon Paper Industries Co., Ltd. on April 1, 2013. For details, please refer to Notification of the Conclusions of a Merger Agreement (180k pdf) with Consolidated Subsidiary Nippon Paper Industries Co., Ltd., and a Merger Agreement among Nippon Paper Industries Co., Ltd., and Consolidated Subsidiaries Nippon Daishowa Paperboard Co., Ltd., NIPPON PAPER-PAK CO., LTD. and Nippon Paper Chemicals Co., Ltd.." separately announced today. SOURCE: Nippon Paper Group, Inc. |