Oji Holdings Corporation (TSE:3861) signed a basic agreement to acquire 40% of stake in Paper container-related business of Ishizuka Glass Co., Ltd. (TSE:5204) on December 23, 2019. Oji Holdings Corporation entered into an agreement to acquire 40% of stake in Paper container-related business of Ishizuka Glass Co., Ltd. on September 18, 2020. Under the terms of the transaction, Oji Holdings Corporation will acquire 0.04 million shares.

The new company's (joint venture) will be holding by Oji Holdings (40% stake) and by Ishizuka Glass Co (60% stake) and is scheduled to start business on September 21, 2020. Paper Container Business Split Preparation Co., Ltd. was established on March 23, 2020 to hold paper container-related business. Post-closing, Paper Container Business Split Preparation Co., Ltd. will be known as Ishizuka Oji Paper Packaging Co., Ltd. The business generated ¥7 billon of sales.

There is no effect on the consolidated business performance of the Ishizuka Glass Co for the year ending March 31, 2020. The effective date of absorption-type split is September 21, 2020. The share transfer date is September 23, 2020.