Chuo-Ku, Tokyo 104-8377 Japan
Sales (fiscal 2019): $1.332 billon (¥144.8 billion) in printing and information, and packaging materials. Consolidated results:$2.58 billion (¥279.9 billion).
Major Products: Offset inks, UV/EB-curable inks, highly reactive UV inks, screen inks, inkjet inks, gravure inks, flexo inks, adhesives, laminating adhesives, hot-melt adhesives, electronics adhesives and materials, industrial adhesive tapes & films, marking films, can coatings, hard coatings, functional coating agents, water-based resins, medical adhesive products, natural extracts, organic pigments, pigment dispersions, functional dispersions, plastic colorants, color filter materials for flat panel displays.
Key Personnel: Katsumi Kitagawa, chairman and Group CEO; Satoru Takashima, president and Group COO; Hiroya Aoyama, senior managing director and CFO; Shintaro Yamaoka, executive operating officer and president of Toyo Ink Co., Ltd.; Hideki Okaichi, executive operating officer and president of Toyocolor Co., Ltd.; Toshinori Machida, executive operating officer and president of Toyochem Co., Ltd.
Number of Employees: 8,246 (consolidated).
Comments: Toyo Ink had a solid year in 2019, spurred on by growth overseas as well as increasing opportunities in UV and inkjet inks.
“Given the shrinking domestic information-related print market associated with the progress of digitization, the Toyo Ink Group strongly sought to optimize our business scale by product, facilitate collaboration with other companies in the same trade, and reduce costs in Japan, while bolstering sales overseas by expanding our global bases,” said Yoshirou Nishikawa, GM, Business Strategy Department of Toyo Ink Co., Ltd. “This resulted in the advancement of sales expansion in India. In addition, we promoted sales expansion in the growing African market by establishing a sales company in Morocco. The development and sales expansion of highly sensitive UV ink using leading-edge technology and other products such as inkjet ink for on-demand printing also made progress.”
The outbreak of the COVID-19 pandemic has further disrupted the global economy, and that is having an impact on the ink industry.
“In the early part of 2020, the global economy was dealt a severe blow by the COVID-19 coronavirus pandemic at a time when it was already vulnerable due to the drawn-out trade dispute between the United States and China,” said Nishikawa. “The Toyo Ink Group continued to face challenging conditions, with slow growth in sales resulting from the stagnation of consumption globally and disruption to supplies of raw materials and production activities.
In major news, Toyo Ink SC Holdings appointed Satoru Takashima, former senior managing director, as its new president and COO, on March 26, 2020, after shareholders approved the nomination at a meeting. He replaces Katsumi Kitagawa, the previous president and group CEO. Kitagawa now concurrently serves as chairman and group CEO but has relinquished the role of president to Takashima.
Toyo Ink Group also made two big expansion moves in 2019.
“We made our first foray into the African continent with the establishment of a new sales subsidiary, Toyo Ink North Africa in Casablanca, Morocco, in late 2019,” Nishikawa noted. “Toyo Ink North Africa is engaged in developing business opportunities for a wide range of Group products such as commercial printing inks, liquid inks and adhesives for food packaging, and can coatings
“Another new subsidiary, Toyo Ink Myanmar, opened its new plant in Yangon’s Thilawa zone, to much fanfare in November 2019,” Nishikawa added. “As the first major ink manufacturer to set up a production foothold in Myanmar, the Group establishes an early leadership position in the country where we can play to our strengths like food packaging and commercial printing. Toyo Ink Myanmar is engaged in the production of liquid inks for packaging, adhesives for films, and offset inks for the commercial printing market.”
There remains tremendous uncertainty as to what the rest of the year will hold.
“Regarding the outlook for the rest of 2020, it is quite difficult to foresee since the COVID-19 pandemic is far from over,” Nishikawa observed. “Its impact on the printing industry and the whole packaging sector is not clear. That said, we believe that the need for having food packaged in sanitary virus-free conditions will spur on the demand for packaging, therefore keeping the demand for inks in good shape.”