Hokko Chemical Industry Co. (4992) said its board on Sept. 29 approved a group reorganization under which it will absorb wholly owned subsidiary Biei Hakudo Kogyo and take over the entire business of subsidiary Hokko Sangyo, while Hokko Sangyo absorbs Hokuko Packs, effective Dec. 1, 2026.
The reorganization has three parts. Hokko Chemical will merge Biei Hakudo Kogyo, which it owns 100%, into itself and acquire all of the business of Hokko Sangyo, also 100% owned. Hokko Sangyo will in turn absorb Hokuko Packs, which is 60% owned by Hokko Chemical and 40% by Hokko Sangyo. The company said the move aims to consolidate sales and manufacturing functions within the group and make group operations more efficient.
For Hokko Chemical, the merger with Biei Hakudo Kogyo qualifies as a simplified merger under Article 796, Paragraph 2 of the Companies Act, and the business acquisition as a simplified business acquisition under Article 468, Paragraph 2, so no shareholder approval is required. The mergers are intra-group and carry no consideration, so no shares or other assets will be allotted. The business acquisition and the Hokko Sangyo-Hokuko Packs merger fall below timely disclosure thresholds and were disclosed voluntarily.
| Company (FY to Nov. 2025, non-consolidated) | Sales | Operating profit | Net income |
|---|---|---|---|
| Biei Hakudo Kogyo | ¥381 million | ¥5 million | ¥5 million |
| Hokko Sangyo | ¥455 million | ¥48 million | ¥43 million |
| Hokuko Packs | ¥447 million | ¥12 million | ¥7 million |
Biei Hakudo Kogyo makes and sells Taisetsu Balloon and base materials for agrochemical ingredients; Hokko Sangyo sells agrochemicals, chemical products and antifungal agents; Hokuko Packs sells petroleum products. After the reorganization, Hokko Sangyo's business will be the sale of petroleum products. Hokko Chemical reported consolidated sales of ¥49.13 billion and net income attributable to owners of the parent of ¥4.45 billion for the year to November 2025, and said the reorganization's impact on consolidated results will be minor.
Next steps: The mergers and business transfer are scheduled to take effect on Dec. 1, 2026. Hokko Sangyo's representative director is to be selected at its board meeting that day.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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