Top Companies Report

1. DIC Corporation 
(Including Sun Chemical Corporation)


DIC Building
7-20 Nihonbashi 3-chome
Chuo-ku, Tokyo, Japan 103-8233
Phone: +81 3-5203-7838
Fax: +81 3-3273-7586
Internet: DIC:;
Sun Chemical:

Sales: DIC: $3.55 billion (¥373,600 million) in printing ink sales, including Sun Chemical, which has more than $3.5 billion in ink and pigment sales. Total sales: $6.71 billion (¥705,647 million).

Major Products: Broad product portfolio with capabilities in web heatset and sheetfed offset; publication and packaging gravure; news ink and publication coldset; flexographic packaging inks; corrugated packaging inks; energy curable inks and coatings; screen inks, toner, inkjet materials, adhesives for packaging, overprint varnishes, specialty coatings, effect inks, security inks and coatings, printing consumables and organic pigments for inks, plastics, paints, coatings and cosmetics.

Key Personnel: Yoshiyuki Nakanishi, president and CEO; Masayuki Saito, senior managing executive and Sun Chemical Corp. chairman of the board; Yoshihisa Kawamura, Yoshiaki Masuda, Yutaka Hashimoto, Akira Konishi, Kazuo Kudo, Toshio Hasumi and Tetsuro Agawa, managing executive officers; Kazunari Sakai, executive officer, general manager, Printing Ink Products Division.

Number of Employees: Approximately 20,000 worldwide.

Comments: DIC Corporation had a solid year in 2013, as consolidated net sales rose 12.8%, to ¥705.6 billion. Operating income rose 15.5% to ¥40.2 billion, its highest level since 2007, driven by rationalization, sales price adjustments and the declining yen. Net income was ¥26.8 billion, an increase of 51.6%.
The Printing Inks segment, which includes Sun Chemical’s ink operations, did very well, with sales increasing to ¥373,600 million ($3.55 billion). Overall, domestic sales for the Printing Inks & Supplies Division were flat compared in 2012. Sales of gravure inks rose, as demand remained solid. Sales of offset inks and news inks declined, owing to a downward trend in demand.
Sales in North America and Europe declined in spite of strong sales of packaging inks, as sales of publishing inks and news inks fell. In Central and South America, sales remained level with the previous year, with sales of mainstay packaging inks sluggish. Overall, sales in the Americas and Europe were up after translation as a result of yen depreciation. The company reported that operating income increased substantially, due to rationalization efforts and an improvement in product mix, among others.
In Asia and Oceania, sales in the PRC declined, despite strong sales of gravure inks, as faltering economic growth and other factors caused sales of offset inks and news inks to fall. Sales in Southeast Asia were up, bolstered by solid results in all categories. Although sales of offset inks were robust, sales in Oceania were on a par with the previous fiscal year, as sales of news inks declined. Sales in India declined, with offset inks and gravure inks, in particular, struggling under slowing economic growth.
Yoshiyuki Nakanishi, president and CEO of DIC Corporation, said that the company expects to realign its operations in North America and Europe. He added that DIC has set its sights set on achieving operating income of ¥60.0 billion in fiscal year 2015.
“In fiscal year 2014, we will embark on a full-scale realignment of our North American and European printing inks production facilities,” said Nakanishi. “To date, measures have been limited to the closure of a few smaller plants, but we will now turn our attention to closing a number of mainstay facilities. By shrinking our overall production capacity, we aim to lift operating rates at publishing inks mother plants substantially. We expect the realignment of these facilities to begin contributing to profits in fiscal year 2015.”
Meanwhile, DIC and Sun Chemical are expanding operations in growth areas. Sun Chemical is building a new plant for liquid inks for packaging in Turkey’s Aliaga Organize Sanayi Bölgesi (ALOSBI), adding capacity in the growing markets in Europe, Middle East and Africa (EMEA) and Turkey, Construction of the new facility will begin in 2Q 2014, with completion scheduled for 3Q 2015.
In January 2014, Sun Chemical announced it purchased the remaining shares of Tintas SA and Sinclair SA, its Colombian joint venture companies, which Sun Chemical held with Inversiones Mundial (Grupo Mundial) since 1999. The Tintas/Sinclair Group sells printing inks and related graphic arts products primarily to the packaging market in the Andean region of Latin America. It has annual sales of more than $100 million.