Japan Packaging M&A: Carve-Outs From Chemical and Trading Groups, Regional Consolidation and Overseas Expansion

(Updated October 2026. USD figures are converted at USD/JPY = 150 for reference.)

Japan’s packaging market continues to contract in volume. Between 2021 and 2025, Japanese chemical makers Mitsui Chemicals and Resonac and trading house Mitsubishi Corporation transferred packaging materials and container businesses to packaging companies and a logistics group, and listed Fujimori Kogyo (now ZACROS) sold a food packaging business to an owner-run converter. From 2024 to 2026, Rengo, a Japanese corrugated and packaging group, took stakes in a series of regional corrugated box makers and flexible packaging converters. Meanwhile, TOPPAN Holdings, Toyo Seikan Group Holdings and Oji Holdings have made acquisitions abroad, including TOPPAN’s USD 1.8bn purchase of Sonoco’s thermoformed and flexible packaging business.

This article is written for corporate development and international business development teams at foreign companies that see Japan as an acquisition market, a source of partners, or a source of acquirers for their own businesses. It reviews Japan packaging M&A through the market structure, the industry landscape, domestic consolidation, foreign capital in Japanese packaging, Japanese packaging groups’ acquisitions abroad, the industry-specific factors acquirers examine, and the implications for overseas acquirers.

1. Market Structure — Declining Volume and Drivers of Consolidation

Market size

According to the Japan Packaging Institute (JPI), shipments of packaging materials and containers in Japan were ¥6.14tn (~USD 40.9bn; 100.5% of the prior year) in 2025, and 17.60 million metric tons (99.5% of the prior year) in volume (2025 figures are partly estimated; JPI 2025 packaging industry shipment statistics). Compared with 2021, shipment value rose 8.6% from ¥5.65tn, while volume fell 8.3% from 19.19 million metric tons. Value has increased as volume has declined.

For corrugated board, the Japan Corrugated Case Association expects 2025 demand of 13.97 billion square meters (99.3% of the prior year) and forecasts 13.9 billion square meters for 2026 (99.5%). In its 2026 forecast, processed food accounts for 42% of demand, fresh produce for 9%, electrical and mechanical equipment for 7%, and pharmaceuticals, detergents and cosmetics, and e-commerce, parcel delivery and moving for 6% each (Japan Corrugated Case Association statistics).

Material segments

Products, customers and equipment differ widely by material. In M&A, the materials and applications in which a company holds positions shape both the set of likely acquirers and the way they assess the business.

Material	2025 shipment value (share)	Main products	Business characteristics
Paper and paperboard	¥2.85tn (~USD 19.0bn; 46.5%)	Corrugated boxes, folding cartons, paper bags	Value at 99.2% of the prior year. Processed food accounts for 42% of corrugated demand (Japan Corrugated Case Association, 2026 forecast)
Plastics	¥1.78tn (~USD 11.9bn; 29.1%)	Films and flexible packaging, bottles, trays and cups	Value at 103.3% of the prior year, the second-highest growth among six segments after wood. The main subject of Japan’s plastic resource circulation strategy and law
Metal	¥843bn (~USD 5.6bn; 13.7%)	Beverage cans, food cans, aerosol cans, 18-liter cans	Some can makers also provide contract filling (Hokkan Holdings, Toyo Seikan Group Holdings)
Glass	¥123bn (~USD 818mn; 2.0%)	Bottles for beverages, food, pharmaceuticals and cosmetics	Volume fell 10.7% from 2021 to 2025
Wood	¥116bn (~USD 770mn; 1.9%)	Pallets, crates	Used for heavy-duty export packaging, among other purposes
Other	¥419bn (~USD 2.8bn; 6.8%)	Other packaging materials	—

Shipment values, shares and year-on-year changes are from JPI. From 2021 to 2025, shipment volume fell 10.7% for glass, 10.7% for metal, 10.2% for plastics and 7.3% for paper and paperboard.

Five drivers of consolidation

Declining volume and cost pass-through — As noted above, shipment volume fell 8.3% from 2021 to 2025. The ability to pass cost increases on to customers differs by business. Fujimori Plachemical, a packaging materials subsidiary of Fujimori Kogyo (now ZACROS), saw company-wide raw material and energy costs rise by about ¥461mn (~USD 3.1mn) in FY2023/3, but passed only about ¥133mn (~USD 0.9mn) on to selling prices, and recorded an operating loss (from the disclosure document for Fujimori Kogyo’s absorption of the subsidiary). Fujimori Kogyo later sold the food packaging business of the subsidiary’s Kasugai plant to a company with an established position in food packaging (Section 3, Case 4); the reasons it disclosed were a growth strategy for the business and the optimization of its group portfolio.
Environmental regulation and customer requirements — Japan’s Resource Circulation Strategy for Plastics (2019) sets milestones that include a cumulative 25% reduction of single-use plastics (including containers and packaging) by 2030, reuse or recycling of 60% of containers and packaging by 2030, and 100% effective use of used plastics through reuse, recycling and other means by 2035 (Ministry of the Environment). The Act on Promotion of Resource Circulation for Plastics took effect on April 1, 2022. In Europe, the Packaging and Packaging Waste Regulation (PPWR, Regulation (EU) 2025/40) entered into force on February 11, 2025, and has generally applied since August 12, 2026. In packaging transactions, Mitsui Chemicals cited rapid change in the plastic packaging market and faster development of environmentally friendly products when it moved its packaging business into a combined company with Rengo (Case 1), and TOPPAN Holdings cited brand owners’ demand for environmentally friendly packaging when it acquired abroad (Case 8).
Portfolio review by chemical makers and trading houses — In 2024, Mitsui Chemicals moved its packaging business into a combined company controlled by Rengo. Showa Denko Materials (now Resonac) sold its food wrap film business in 2021, and Resonac sold its battery pouch and food packaging subsidiary in 2025. In 2022, Mitsubishi Corporation, emphasizing capital efficiency and resource reallocation in its medium-term strategy, tendered its shares in food container maker Chuo Kagaku into a tender offer by Senko Group Holdings (Section 3). In these transactions, the buyers were packaging companies or companies with adjacent businesses such as logistics.
Overseas expansion by packaging majors — In 2025, TOPPAN Holdings acquired Sonoco’s thermoformed and flexible packaging business for about USD 1.8bn. In 2024, Toyo Seikan Group Holdings acquired a Malaysian contract filler, and Oji Holdings acquired Finnish packaging materials maker Walki (Section 5). In Japan, acquisitions by packaging majors have continued in two forms: taking over businesses carved out of other groups, and small and mid-size acquisitions that add regions or applications (Section 3).
Business succession — Japan’s Small and Medium Enterprise Agency estimated that by 2025 about 2.45 million owners of small and medium-sized enterprises would be over 70, that about half of them (1.27 million) would have no designated successor, and that if closures increased unchecked, a cumulative 6.5 million jobs and about ¥22tn (~USD 147bn) of GDP could be lost by 2025 (SME Agency, Current Analysis of Business Succession and M&A). Since 2024, regional corrugated box makers with long histories, including Murase Danboru (founded 1942), Shibata Danboru (established 1962) and Kinki Danboru (established 1972), have accepted capital from a packaging major, both through sales of all shares and through minority investments (Section 3, Case 5). The reasons disclosed in these cases relate to regional cooperation with the buyer’s plants; any link to succession was not disclosed.

2. Industry Landscape

Packaging majors

Company	Headquarters	Consolidated revenue	Recent moves in packaging
TOPPAN Holdings	Bunkyo-ku, Tokyo	¥1,805bn (~USD 12.0bn), FY2026/3	Acquired Sonoco’s thermoformed and flexible packaging business in 2025 and agreed to acquire 80% of Italy’s Irplast. Revenue includes non-packaging businesses
Dai Nippon Printing (DNP)	Shinjuku-ku, Tokyo	¥1,513bn (~USD 10.1bn), FY2026/3	Acquired Resonac Packaging in 2025. Revenue includes non-packaging businesses
Rengo	Kita-ku, Osaka (with a Tokyo head office)	¥1,008bn (~USD 6.7bn), FY2026/3	Took control of RM Tohcello in 2024. Continues to invest in domestic corrugated and flexible packaging companies and in heavy-duty packaging and corrugated companies abroad
Toyo Seikan Group Holdings	Shinagawa-ku, Tokyo	¥963bn (~USD 6.4bn), FY2026/3	Acquired Malaysia’s Premier Centre Group in 2024

TOPPAN Holdings and Rengo have made several acquisitions abroad, and Toyo Seikan Group Holdings made one in Malaysia in 2024. In Japan, Rengo and DNP have taken over businesses from chemical makers, and Rengo has also invested in regional corrugated box makers and other companies.

Listed mid-size and specialist companies

Company	Headquarters	Consolidated revenue	Main fields and recent moves
FP Corporation	Fukuyama, Hiroshima	¥240bn (~USD 1.6bn), FY2026/3	Food trays and containers
Fuji Seal International	Yodogawa-ku, Osaka (with a Tokyo head office)	¥218bn (~USD 1.5bn), FY2026/3	Shrink sleeve labels and other packaging. Acquired the remaining 51% of its Thai joint venture Fuji Ace from the Ajinomoto group in 2020
ZACROS (formerly Fujimori Kogyo)	Bunkyo-ku, Tokyo	¥159bn (~USD 1.1bn), FY2026/3	Sold its food packaging business to Kanaoka Holdings in 2024; changed its name the same year
Hokkan Holdings	Chuo-ku, Tokyo	¥90.5bn (~USD 603mn), FY2026/3	Metal cans, PET bottles and beverage contract filling. Plans to absorb two subsidiaries on April 1, 2027 and become an operating company
Nihon Yamamura Glass	Amagasaki, Hyogo (with a Tokyo head office)	¥72.2bn (~USD 481mn), FY2026/3	Glass bottles
Nakamoto Packs	Tennoji-ku, Osaka	¥49.6bn (~USD 331mn), FY2026/2	Printing and converting of flexible packaging
Asahi Printing	Toyama, Toyama	¥44.6bn (~USD 297mn), FY2026/3	Packaging materials for pharmaceuticals and cosmetics. Acquired three companies in Malaysia
Takemoto Yohki	Taito-ku, Tokyo	¥14.5bn (~USD 97mn), FY2025/12	Plastic containers for cosmetics, food and other uses

Hokkan Holdings’ planned absorption of its subsidiaries is an internal reorganization and is not counted as a consolidation case in this article.

Packaging businesses within chemical and trading groups

Japanese chemical makers and trading houses have long held packaging materials and container businesses. Between 2021 and 2025, Mitsui Chemicals Tohcello’s packaging business, Resonac’s food wrap film business and Resonac Packaging (Hikone, Shiga; established 1959), and Chuo Kagaku (founded 1961), in which Mitsubishi Corporation was a principal shareholder, were all transferred to packaging companies or companies with adjacent businesses (Section 3).

Owner-run companies

Many of Japan’s non-listed packaging companies are owner-run. Kanaoka Holdings (Taito-ku, Tokyo; established 1953), a flexible food packaging company whose president holds 96.90% of its shares, acquired a food packaging business from listed Fujimori Kogyo in 2024. Among regional corrugated box makers, MY Holdings holds 51% of Murase Danboru (Konan, Aichi) and Kinki Shiki holds 57.1% of Kinki Danboru (Kusatsu, Shiga); both remain the largest shareholders after Rengo’s investments. Non-listed companies disclose limited information, and identifying them requires research beyond public databases.

Concentration in Kansai

Of the companies covered in this article, Rengo (Kita-ku, Osaka), Fuji Seal International (Yodogawa-ku, Osaka), Nakamoto Packs (Tennoji-ku, Osaka), Nihon Yamamura Glass (Amagasaki, Hyogo), Kinki Danboru (Kusatsu, Shiga) and the former Resonac Packaging (Hikone, Shiga) are headquartered in Osaka, Hyogo or Shiga prefectures. Nissho Jitsugyo, a container sourcing and supply company acquired by Berlin Packaging, was founded in Osaka in 1965. In March 2026, Osaka Sealing Printing, a label and packaging company, agreed to acquire all operations except retail of Sugitomo Package (Chuo-ku, Osaka).

3. Domestic Consolidation — Carve-Outs From Chemical and Trading Groups and Investments in Regional Companies

Case 1: Rengo and Mitsui Chemicals Tohcello’s packaging business (2024) — A chemical maker’s packaging business acquired as a combined company

In June 2023, Mitsui Chemicals announced a reorganization of its subsidiary Mitsui Chemicals Tohcello. Its ICT business, including films for semiconductors and electronic components, was moved to a new wholly owned subsidiary through an absorption-type company split. The packaging business (Packaging Solutions) stayed in Mitsui Chemicals Tohcello, which then absorbed Sun-Tox, a joint venture of Rengo and Tokuyama, through a merger. Mitsui Chemicals sold part of its shares in the combined company to Rengo for ¥10.85bn (~USD 72mn), making it a 51% subsidiary of Rengo. RM Tohcello, launched on April 1, 2024, makes and sells plastic films and foam sheets for packaging, has about 1,200 employees, and is owned 51.00% by Rengo, 35.95% by Mitsui Chemicals and 13.05% by Tokuyama.

Mitsui Chemicals explained that its long-term plan aims to grow the ICT business into a pillar of its portfolio transformation, and that for the packaging business, given rapid change in the plastic packaging market, integration with Sun-Tox would improve profitability, accelerate development of environmentally friendly products, and expand overseas business. Mitsui Chemicals stated that it would keep a stake of at least 34% and remain involved in management as an equity-method shareholder. Rengo stated that the acquisition would further advance its flexible packaging business.

This transaction shows that (i) a chemical maker separated its growth business and moved its packaging business into a combined company with a packaging major, (ii) the seller did not exit fully but remained a minority shareholder involved in management, and (iii) the structure combined a merger of businesses with a share sale.

Case 2: Shin-Etsu Polymer, DNP and Resonac’s packaging businesses (2021 and 2025) — A chemical maker selling packaging businesses in stages

In May 2021, Showa Denko Materials (now Resonac) announced the sale of its food wrap film business, which it had operated since 1973, to Shin-Etsu Polymer. The business was transferred through an incorporation-type company split to a new company, Kitchinista, whose shares were all sold to Shin-Etsu Polymer on August 2, 2021. Showa Denko Materials explained that, as part of restructuring its portfolio, it had concluded that growing the business under Shin-Etsu Polymer, which also uses PVC film as a main material, was the best option. Shin-Etsu Polymer expected higher profitability from synergies with its existing food wrap film business.

On February 3, 2025, Resonac sold all shares of Resonac Packaging (Hikone, Shiga; established 1959), a maker of battery pouch materials and food packaging and containers, to DNP. Resonac stated that, in reviewing its portfolio under its 2021–2030 long-term vision, it had concluded that growing the business under DNP, which has deep expertise in the field, was best for all stakeholders. In its integrated report, DNP states that the company has joined the group under the new name DNP Kokino Material Hikone (DNP高機能マテリアル彦根), and that combining the two companies’ patents and manufacturing know-how will broaden its product range across automotive, IT and energy storage battery applications. The price was not disclosed.

These transactions show that (i) a single chemical maker sold packaging-related businesses to different buyers at different times as part of its portfolio review, (ii) each buyer already had a business using the same material or serving the same application, and (iii) the seller used two structures: transferring the business to a new company by company split before selling its shares, and selling an existing subsidiary’s shares directly.

Case 3: Senko Group Holdings and Chuo Kagaku (announced 2022) — A logistics group acquires a trading house’s non-core business

In November 2022, Senko Group Holdings, a logistics group, announced a tender offer for Chuo Kagaku (founded 1961; then listed on the TSE Standard Market), a maker of plastic food containers. The first tender offer, at ¥195 per share, was designed to acquire the 70.64% held by Mitsubishi Corporation, consisting of its common shares and the shares from converting its preferred stock. The second tender offer, at ¥418 per share (a 26.67% premium to the ¥330 closing price on the business day before the announcement), targeted the remaining shares. When the second tender offer closed in February 2023, Senko Group Holdings held 96.78% of the voting rights. At announcement, the plan was for Mitsubishi Corporation to reinvest after the company was taken private, so that Senko Group Holdings would hold 60% and Mitsubishi Corporation 40%.

According to the tender offer registration statement, Mitsubishi Corporation, emphasizing capital efficiency and resource reallocation in its medium-term strategy, judged that it could not support Chuo Kagaku’s investments beyond raw material supply and that the company would grow better under a new partner. Senko Group Holdings cited the expansion of its consumer-related businesses, including a move from trading into manufacturing, and expected synergies from more efficient logistics, shared customers and higher productivity, as well as faster capital investment decisions after going private.

This transaction shows that (i) the buyer of a container maker whose principal shareholder was a trading house was a logistics group rather than a container maker, (ii) the expected effects included logistics efficiency and shared customers rather than product complementarity, and (iii) a plan for the seller to return as a minority shareholder through reinvestment was part of the transaction from the start.

Case 4: Kanaoka Holdings and Fujimori Kogyo’s food packaging business (2024) — An owner-run company takes over a listed company’s business

In January 2024, Fujimori Kogyo (now ZACROS) announced the sale of the food packaging business at the Kasugai plant of its subsidiary Fujimori Plachemical, together with related sales operations of Fujimori Kogyo, to Kanaoka Holdings. Through two absorption-type company splits, the business was transferred to a newly established wholly owned subsidiary, and all of that subsidiary’s shares were sold to Kanaoka Holdings on July 1, 2024. In FY2023/3, revenue was ¥2,542mn (~USD 17mn) for Fujimori Kogyo’s sales operations and ¥3,512mn (~USD 23mn) for Fujimori Plachemical’s Kasugai plant (both before intercompany eliminations). The price was not disclosed under a confidentiality obligation. The new company was launched on July 1, 2024 as Kanaoka Plachemical (Kasugai, Aichi).

Fujimori Kogyo cited the need for a growth strategy as the packaging industry changes, the optimization of its group business portfolio, and Kanaoka Holdings’ strong market position in food packaging. Kanaoka Holdings is an owner-run company whose president holds 96.90% of its shares, and it had no capital or business relationship with Fujimori Kogyo. As noted in Section 1, Fujimori Plachemical as a whole recorded an operating loss in FY2023/3.

This transaction shows that (i) a listed company carved out a specific business at a specific plant rather than selling the whole company, (ii) the buyer was a non-listed owner-run company with no prior capital or business ties to the seller, and (iii) by transferring the business to a new company before the share sale, the buyer took it over as a separate company. It is an example of an owner-run company acting as a buyer of a larger group’s business.

Case 5: Rengo’s investments in regional corrugated and flexible packaging companies (2024–2026)

From 2024 to 2026, Rengo invested in or acquired a series of domestic corrugated box makers and flexible packaging companies.

Announced	Target (location; founding)	Business	Revenue and employees	Structure
July 2024	Shibata Danboru (Toyohashi, Aichi; established 1962)	Corrugated cases	About ¥420mn (~USD 2.8mn), FY2023/7; 20 employees	100% acquired
October 2024	Murase Danboru (Konan, Aichi; founded 1942)	Corrugated sheets and cases	About ¥1.5bn (~USD 10mn), FY2023/9; 49 employees	20% acquired; raised to 49% through an additional investment in March 2026
October 2024	J-Pack (sites in Kanagawa and Chiba)	Packing, warehousing, customs clearance, transport	Not disclosed	100% acquired by subsidiary Tri-Wall Japan
April 2025	Kinki Danboru (Kusatsu, Shiga; established 1972)	Corrugated sheets and cases	About ¥6.4bn (~USD 43mn), FY2024/12; 100 employees	28.6% through a third-party share allotment
April 2025	Shinko (Higashimurayama, Tokyo; predecessor founded 1953)	Corrugated cases and other packaging	About ¥1.7bn (~USD 11mn), FY2025/2; 41 employees	100% acquired
September 2026	Yashio Chemical (Moriya, Ibaraki)	Flexible packaging	About ¥3.3bn (~USD 22mn), FY2026/3; 103 employees	100% acquired by subsidiary Howa Sangyo

For Shibata Danboru, Murase Danboru, Kinki Danboru and Shinko, Rengo cited closer cooperation between the target and Rengo’s nearby plants and group companies, and the expansion of its corrugated business in the region. For Kinki Danboru, it also cited the strengthening of business continuity planning (BCP). Yashio Chemical had been a contractor for Howa Sangyo’s gravure printing and lamination in Japan and Thailand, and the stated reasons were to strengthen that relationship and to expand flexible packaging in Japan and overseas. Murase Danboru is owned 51% by MY Holdings and 49% by Rengo; Kinki Danboru’s main shareholders are Kinki Shiki (57.1%) and Rengo (28.6%).

These transactions show that (i) a single buyer used different structures depending on the target, including full acquisitions, minority stakes followed by additional investment, and subscription to new shares, (ii) most targets were regional companies with revenue of several hundred million to several billion yen, and the stated reasons centered on cooperation with the buyer’s existing plants in the same region, and (iii) in flexible packaging, the buyer acquired an existing contractor.

4. Foreign Capital in Japanese Packaging — Out-In Transactions

Within the scope of our research, we identified few disclosed acquisitions of Japanese packaging manufacturers by foreign companies. In the domestic cases above, the packaging businesses sold by Japanese chemical makers and a trading house all went to Japanese buyers. The following cases, in container sourcing and supply and in pharmaceutical packaging components, show how foreign companies have entered Japan.

Case 6: Berlin Packaging and Nissho Jitsugyo (2024) — A US packaging supplier acquires a Japanese container distributor

In September 2024, US-based Berlin Packaging announced the acquisition of Nissho Jitsugyo. Founded in Osaka in 1965, Nissho Jitsugyo sources glass and plastic containers from a network of local manufacturers and supplies thousands of customers in Japan in food and beverage, beauty, personal care and healthcare. It also provides design and new product development, sourcing and procurement, warehousing, filling and assembly, and logistics management, and operates from multiple locations across eastern, western and southern Japan.

Berlin Packaging described the acquisition as expanding its presence in Asia-Pacific and allowing it to serve Japan-based customers with its global packaging solutions. It stated that all of Nissho Jitsugyo’s employees, management and locations would be retained. Nissho Jitsugyo’s president stated that combining Nissho’s customer service with Berlin’s innovation, sustainability and supply chain capabilities would add value for customers, suppliers and employees. The stake and price were not disclosed.

This transaction shows that (i) a foreign packaging company entered Japan by acquiring a company that sources and supplies containers rather than one that manufactures them, (ii) the target brought an established customer base across several end markets and a network of local manufacturers, and (iii) the acquirer committed publicly to retaining the target’s employees, management and locations.

Case 7: West Pharmaceutical Services and Daikyo Seiko (2019) — A long-standing alliance followed by a larger equity stake

In October 2019, US-based West Pharmaceutical Services increased its equity stake in Daikyo Seiko, a Japanese maker of injectable packaging components headquartered in Sano, Tochigi, to 49%. Daikyo Seiko’s products include film-laminated elastomeric closures, cyclic olefin polymer containment and delivery systems, seals and medical device components, made in clean rooms with 100% vision inspection. The two companies had partnered for more than 40 years. West holds exclusive worldwide distribution rights for Daikyo Seiko’s products, the two companies have a technology exchange and cross-license agreement, and Daikyo Seiko holds distribution rights for West’s products in Japan. West’s chief executive described Daikyo Seiko’s products as an ideal complement to West’s portfolio. The amount paid was not disclosed.

This transaction shows that (i) a foreign company increased its stake in a Japanese packaging components manufacturer after more than four decades of distribution and technology agreements, and (ii) the acquirer took a minority stake of 49% rather than full control.

What the Out-In cases show

The two cases differ in form. In Case 6, a foreign packaging company acquired a Japanese company that sources and supplies containers but does not manufacture them. In Case 7, a foreign company raised its stake in a Japanese manufacturer of pharmaceutical packaging components to 49%, after decades of distribution and technology agreements. Neither case involved a manufacturer of corrugated, flexible or other packaging materials, and neither disclosed the price. In both, the foreign company built on an existing customer base or an existing commercial relationship: Berlin Packaging cited Nissho Jitsugyo’s customers in Japan, and West built on distribution rights it had held for decades. For foreign companies considering entry into Japanese packaging manufacturing itself, the domestic cases in Section 3 show the kinds of sellers that have recently transferred businesses: chemical makers reviewing their portfolios (Cases 1 and 2), a trading house reallocating capital (Case 3), a listed company carving out a specific plant (Case 4), and regional corrugated companies accepting investment (Case 5). Section 7 summarizes what these sellers emphasized.

5. Japanese Packaging Groups Abroad — In-Out Transactions

For overseas companies, Japanese packaging groups are potential acquirers of their businesses and potential partners. Their recent transactions show what they buy, on what criteria and, where disclosed, at what prices.

Case 8: TOPPAN Holdings and Sonoco’s thermoformed and flexible packaging business (completed April 2025) — Entry into the Americas

In December 2024, TOPPAN Holdings announced the acquisition of Sonoco’s flexible packaging and thermoformed container businesses for USD 1.8bn (about ¥271.3bn, including net interest-bearing debt and other adjustments), and completed the acquisition in April 2025. The business had 2023 revenue of about USD 1.3bn (pro forma, standalone basis), about 4,500 employees and 22 manufacturing plants. TOPPAN Holdings states that it has more than 60 manufacturing sites in 12 countries after the acquisition.

TOPPAN Holdings cited a full-scale entry into the large markets of North and South America, brand owners’ demand for environmentally friendly packaging, and its strategy of handling every stage from film production and barrier processing to packaging manufacturing within each region. It had previously acquired InterFlex Group (US and UK, 2021), Toppan Speciality Films (India, 2022) and Skymark Packaging (UK, 2023). In March 2025, through Toppan Speciality Films, it also agreed to acquire 80% of Irplast, a BOPP film maker in Tuscany, Italy.

This transaction shows that (i) a Japanese packaging major is expanding its packaging business through acquisitions abroad, (ii) the seller was a corporate that carved out part of its business, and (iii) the acquirer has made a series of acquisitions under a policy of building the full process from film to finished packaging in each region.

Case 9: Toyo Seikan Group Holdings and Premier Centre Group (completed August 2024) — Combining containers and contract filling

In February 2024, Toyo Seikan Group Holdings agreed to acquire all shares of Malaysia’s Premier Centre Group (established 1972) for USD 75mn (about ¥11.07bn, subject to price adjustment), and made it a subsidiary in August 2024. The company provides contract filling and OEM/ODM production of home care and personal care products, and manufactures plastic containers, blends contents and fills them in-house. For FY2022/12, it had revenue of MYR 324.7mn (about ¥10.13bn, ~USD 68mn) and operating profit of MYR 38.1mn (about ¥1.19bn, ~USD 8mn). The seller was a Malaysian holding company 90% owned by PCMS Cayman Holdings.

Toyo Seikan Group Holdings cited the expansion of its filling business in Asia, demand supported by Malaysia’s population growth, and the creation of new markets by combining its container manufacturing and development technology with the target’s blending and filling technology.

This transaction shows that (i) a Japanese container major acquired a company abroad that fills contents as well as making containers, and (ii) the price and the target’s revenue and operating profit were disclosed, with the price (about ¥11.1bn) close to the target’s revenue for FY2022/12 (about ¥10.1bn).

Case 10: Rengo’s heavy-duty packaging and corrugated acquisitions abroad (2024–2026) — A series of mid-size acquisitions

Rengo has acquired heavy-duty packaging companies through Tri-Wall, its consolidated subsidiary in Hong Kong. In addition, Thai Containers Group, a Thai joint venture in which Rengo holds 30% and SCG Packaging 70%, has acquired corrugated box makers in Southeast Asia.

Announced	Target (country)	Business	Stake
August 2024	Concept Packaging Group (US)	Heavy-duty packaging, mainly for automotive; revenue of USD 165mn for 2023	25%
December 2024	Pronk Multiservice India (India)	Heavy-duty packaging, packing and lashing services	90%
March 2025	Pronk Multiservice ME (UAE)	Heavy-duty packaging, lashing equipment	100%
July 2025	Scart Imballaggi (Italy)	Corrugated and wood heavy-duty packaging, wooden pallets; revenue of EUR 37mn (about ¥6.3bn) for 2024	100%
October 2025	Prokemas Adhikari Kreasi (Indonesia)	Corrugated boxes	60% (by a Thai Containers Group subsidiary; not a stake held by Rengo)
September 2026	Jin Zhong Fa Paper Industrial (Thailand)	Corrugated boxes	90% (by Thai Containers Group; as above)

For heavy-duty packaging, Rengo cited stronger supply capacity and a wider range of packaging and services. For the Southeast Asian corrugated acquisitions by Thai Containers Group, it cited the position of Southeast Asian corrugated packaging as a key strategic business under its global expansion vision.

These transactions show that (i) a Japanese corrugated major has added mid-size companies region by region rather than making large acquisitions abroad, (ii) heavy-duty packaging acquisitions were made through a consolidated subsidiary in Hong Kong, while Southeast Asian corrugated acquisitions were made by a local joint venture in which Rengo is a minority shareholder, and (iii) even among Tri-Wall’s acquisitions, stakes ranged from a 25% minority interest to full ownership.

Case 11: Oji Holdings and Walki (completed April 2024) — Acquiring a fund-owned packaging materials maker

In October 2023, Oji Holdings announced the acquisition of Walki, a Finnish maker of packaging and engineered materials, and completed it in April 2024. The sellers were funds managed by US private equity firm One Equity Partners. Walki has three business areas, consumer packaging, industrial packaging and engineered materials, with production facilities in Finland, Germany, Belgium, Spain, France, Poland, the UK and China. Oji Holdings cited the creation of a global structure covering packaging materials from upstream to downstream by adding Walki’s converting technology, and a stronger position as a supplier of sustainable packaging materials through faster technical development. The price was not stated in the primary sources reviewed for this article.

This transaction shows that (i) a Japanese paper major acquired a business abroad to connect upstream paper with downstream converting, and (ii) a strategic acquirer provided the exit for a fund-owned business.

Case 12: Asahi Printing and Fuji Seal International in Southeast Asia (2019–2023) — Specialists acquiring abroad

Asahi Printing (Toyama), a maker of packaging materials for pharmaceuticals and cosmetics, agreed in August 2019 to acquire 65% each of Harleigh (Malaysia) and Shin-Nippon Industries in Malaysia, and in October 2023 acquired 65% of Kinta Press & Packaging, a maker of packaging for premium cosmetics and food, for MYR 76.7mn (about ¥2.42bn, ~USD 16mn). Kinta had 2022 revenue of MYR 57.7mn (about ¥1.82bn) and about 240 employees, and the sellers were five individual shareholders with no prior business relationship with Asahi Printing. Asahi Printing cited the two companies’ track record and customer base in Malaysia’s pharmaceutical market for the 2019 acquisitions, and Kinta’s market position and customer base in Malaysia and synergies with its existing Malaysian subsidiaries for the 2023 acquisition. A new plant at Shin-Nippon Industries in Johor, an investment of about ¥3bn (~USD 20mn), was completed in November 2025; when announcing its completion in December 2025, Asahi Printing scheduled operations to start in May 2026, and its May 2026 results presentation described the company as strengthening production and sales ahead of the plant’s start of operations.

In January 2020, Fuji Seal International announced that it would acquire the 51% of Fuji Ace, a Thai packaging company it had established with the Ajinomoto group in 1995, held by the Ajinomoto group, for THB 1,244mn (about ¥4.52bn, ~USD 30mn), making it a wholly owned subsidiary. Fuji Ace had revenue of THB 4,567mn and an operating loss for FY2019/3. Fuji Seal International cited running its businesses in Thailand, Vietnam, Indonesia and India as one integrated operation and advancing its flexible packaging strategy in Southeast Asia.

These transactions show that (i) mid-size Japanese specialists have also acquired local companies in Southeast Asia, (ii) structures included taking 65% while leaving local shareholders in place, and buying out a joint venture partner to gain full ownership, and (iii) the acquirers valued local customer bases and integration with their existing local operations.

6. Industry-Specific Factors Examined by Acquirers

In Japan packaging M&A, acquirers examine industry-specific factors in addition to financials. Based on the reasons and synergies disclosed by the acquirers and sellers in the cases above, these factors fall into three groups.

Products and technology — The materials and applications of the products, and the customers that use them. Shin-Etsu Polymer cited synergies with its existing business in the same material (Case 2), DNP cited the combination of patents and manufacturing know-how (Case 2), TOPPAN Holdings cited demand for environmentally friendly packaging and an integrated process from film onward (Case 8), and Toyo Seikan Group Holdings cited the combination of its container technology with the target’s blending and filling technology (Case 9). On the seller side, Mitsui Chemicals cited faster development of environmentally friendly products as a reason for combining its business (Case 1).
Customers and sales — Customer mix and overlap or complementarity with the acquirer’s customers. Senko Group Holdings cited shared customers (Case 3), Fujimori Kogyo cited the buyer’s market position in food packaging (Case 4), Berlin Packaging cited serving Japan-based customers (Case 6), and Asahi Printing cited the target’s customer base (Case 12).
Production and sites — Plant location, equipment and logistics. Rengo cited cooperation between the target and its nearby plants, and for Kinki Danboru, the strengthening of business continuity planning (Case 5). Senko Group Holdings cited logistics efficiency (Case 3).

7. Implications for Overseas Acquirers

Target universe

In Japan packaging M&A, the businesses sold by chemical makers and a trading house went to Japanese packaging companies and a logistics group (Cases 1 to 3), and a listed company’s food packaging business went to an owner-run converter (Case 4). Rengo has taken stakes in regional corrugated and flexible packaging companies, several of them with revenue below ¥2bn (Case 5). The targets in these cases were either businesses within Japanese corporate groups or non-listed regional and owner-run companies. Identifying such targets requires research beyond public databases, and approaching them requires direct contact with parent companies or owners, in Japanese.

Transaction structures

The cases show several structures: arrangements in which the seller remains a minority shareholder (Case 1, in a combined company; Case 3, through planned reinvestment after the take-private), company splits that move a specific business into a new company before its shares are sold (Cases 2 and 4), minority stakes followed by additional investment, and subscriptions to new shares that leave the existing owner as the largest shareholder (Case 5), and minority stakes that follow long-standing commercial agreements (Case 7). The appropriate structure depends on the intentions of the parent company or owner and on the acquirer’s integration plan.

What sellers emphasize

Parent-company sellers explained their decisions in terms of the business’s future: Resonac described DNP as the owner under which the business could best grow, Mitsubishi Corporation sought a partner able to support Chuo Kagaku’s investments, and Fujimori Kogyo cited Kanaoka Holdings’ market position in food packaging. Mitsui Chemicals chose to remain a shareholder in the combined company. On the buyer side, Berlin Packaging publicly committed to retaining all employees, management and locations of Nissho Jitsugyo (Case 6). These statements may indicate that, in these cases, the plan for the business after the transaction carried weight alongside the price.

8. Syntax Partners

Syntax Partners is a Japan-based M&A advisory firm that acts solely as financial advisor. In any transaction, we advise one side only, either the buyer or the seller. We regard materials and chemicals, including packaging and containers, as one of our priority sectors, and advise on Japan packaging M&A in both domestic and cross-border transactions.

Buy-side advisory

For foreign investors considering acquisitions or capital alliances in Japan, we support the full process: mapping targets based on your strategy, including non-listed owner-run companies and businesses within Japanese corporate groups; approaching owners and parent companies directly; negotiation; and execution. We work in Japanese and English, among other languages.

Sell-side advisory

As an advisor that maximizes the interests of sellers and owners, we support Japanese owners and parent companies considering a sale or business succession. The buyer universe we cover includes not only Japanese packaging companies but also adjacent-industry companies, such as logistics and chemicals, and overseas strategic buyers. Our transaction support draws on our understanding of the industry, including customer approvals by material and application, cost pass-through, and plant locations and logistics.

We welcome discussions at any stage, from early-stage exploration of acquisitions or partnerships in Japan to live transactions.

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This article was prepared by Syntax Partners, Inc. based on public information, including companies’ official announcements and IR materials.

Syntax Partners, Inc.