Shimojima Co., Ltd. agreed to acquire Mitachi Package Co., Ltd.
September 23, 2019
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Shimojima Co., Ltd. (TSE:7482) agreed to acquire Mitachi Package Co., Ltd. on September 24, 2019. The contract conclusion date is planned for September 26, 2019. Shimojima shall acquire 0.01 million shares of Mitachi Package. Prior to the acquisition, Shimojima did not hold any stake in Mitachi Package. Post completion, Shimojima shall hold the entire stake in Mitachi Package and Shimojima will make Mitachi Package as its subsidiary. For the fiscal year ended December 2018, Mitachi Package reported total assets of ¥1.3 billion and sales of ¥1.5 billion. Board of Directors of Shimojima resolved the transaction at the meeting held on September 24, 2019. The transaction execution date is planned for October 3, 2019. The impact of the acquisition of shares on consolidated results of Shimojima is expected to be minimal.
Shimojima Co Ltd is a Japan-based company principally engaged in the purchase and sale of packing materials such as paper bags, wrapping paper/cartons, plastic bags, adhesive tapes, strings/ribbons, and store supplies. The Company operates through three segments. The Paper Products segment is engaged in the sale of original brand products including paper bags, wrapping paper and paper containers. The Chemical Products and Packaging Materials segment is engaged in the sale of chemical products such as polyethylene bags and polypropylene (PP) bags, as well as adhesive tapes, food packaging materials and string ribbons. The Store Supplies segment is engaged in the sale of horticultural-related materials, and apparel-related materials including office supplies, store supplies, daily necessities, foodstuffs, as well as hangers that are handled by subsidiaries. The Company is also engaged in logistics business.
SHIMOJIMA CO., LTD. 
