07.19.23
2-1, Kyobashi 2-chome
Chuo-Ku, Tokyo 104-8377 Japan
Phone: +81-3-3272-5731
https://schd.toyoinkgroup.com/en/
info@toyoinkgroup.com
Sales (fiscal 2022): $1.21 billion (¥158.6 billion) in printing and information, and packaging materials. Consolidated results: $2.41 billion (¥315.9 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; Satoru Takashima, president and Group CEO; Hiroyuki Hamada, senior managing director in charge of corporate divisions; Masato Yanagi, 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: 7,930 (consolidated).
Comments: Toyo Ink had solid sales results in 2022, with consolidated sales up 9.7% to $2.41 billion. However, operating profit declined 47.2% to $52 million, impacted by higher raw material and energy prices and supply issues.
“Net sales for the fiscal year under review rose to 315,927 million yen (up 9.7% year on year),” Toyo Ink noted in its annual report. “However, profit fell partly due to surges in raw materials prices. Operating profit stood at 6,865 million yen (down 47.2% year on year) and ordinary profit came to 7,906 million yen (down 48.8% year on year).”
Hideki Ohba, GM, marketing department, International Division at Toyo Ink Co., Ltd. noted that the operating environment for year 2022 proved to be a difficult one.
“The global economy was affected by high raw materials and energy prices and supply constraints chiefly due to the prolonged state of affairs in Ukraine and restrictions on economic activities in China,” Ohba said. “In addition, there were economic slowdowns and violent exchange rate fluctuations due to worldwide monetary tightening. Meanwhile, the COVID-19 pandemic was entering a new phase in which people live with COVID-19, and there were signs of a recovery in the global economy.”
Toyo Ink’s printing ink segments did very well in 2022. Toyo Ink’s Packaging Materials Related Business segment sales rose 13.3% to 83,646 million yen ($637 million) during 2022, while operating profit decreased to 963 million yen (down 46.9% year on year).
Ohba said that in the Packaging Materials segment, Japan-based sales of liquid inks, particularly mainstay products for packaging materials, were steady thanks to firm demand for liquid inks for food products such as frozen foods, labels for beverages, and noodles, based on the movement of customers toward increasing inventory in preparation for the disruption of the supply of materials and price increases. Overseas, shipments in China declined due to lockdowns.
Meanwhile, the Printing and Information Related Business segment reported sales of 75,180 million yen ($573 million), while operating profit decreased to 654 million yen (down 62.2% year on year).
“As for the Printing and Information segment, domestic sales of products for flyers, advertising, and publishing were sluggish due to the structural contraction of the information-related printing market,” Ohba reported. “However, domestic sales of products for paper containers and metal printing for beverage cans remained strong. The Group implemented structural reforms and collaborated with competitors to reduce costs, but profit was reduced significantly, chiefly due to the difficulty of procuring raw materials, the increase of prices and high energy costs. In overseas markets, the market was weak in Europe and China due to the war in Ukraine and the impact of COVID-19. In other regions, sales were firm, reflecting a recovery in economic activities and progress in the expansion of sales.”
Toyo Ink made some significant moves during the past year, beginning with its plans to change the company’s name change to artience Co., Ltd., a hybrid of “art” and “science,” effective Jan. 1, 2024.
“The name change is a sign of our strong desire to transform ourselves into a company that delivers pioneering value through cutting-edge technology to people around the world,” Ohba said. “We are committed to creating value that resonates with the senses and to building a future where all people can live enriched lives. We are currently working to ensure a smooth transition throughout the worldwide Group to the new corporate identity by Jan. 1.”
The acquisition of Thai Eurocoat in March 2023, a leader in the metal coatings segment, particularly in the ASEAN canned food market, was a significant move for Toyo Ink.
“We‘re pleased to welcome Thai Eurocoat to the Toyo Ink Group family,” said Jun Mikoshiba, president of Toyo Ink Thailand, in announcing the acquisition. “The Group has been operating in Thailand since 1971 and began the local production of can coatings in 1988 with the establishment of Toyo Ink Thailand. Over the years, we’ve expanded our business by taking advantage of our ability to develop advanced resins, mainly for can coatings that require high functionality. Thai Eurocoat is expected to complement these operations and to expand our business throughout the ASEAN region.”
Toyo Ink announced plans to double the laminating adhesives production capacity from the current level at its Malaysia-based subsidiary Toyochem Specialty Chemical, and also made capital improvements to bolster its packaging materials operations in Turkey, India, China, and Indonesia.
“We aim to strengthen our global supply chain and to expand sales of high-functionality and environmentally friendly solutions such as solvent-free adhesives, the demand for which is expected to grow worldwide,” said “Ohba. Expansion work is now under way at the Malaysian site with full operation slated to begin in the third quarter of 2023.”
As for personnel moves in the Americas Group, in 2022, John Easley, who had served as president of Toyo Ink Mexico since 2016, was named president of LioChem, the inks, plastic colorants and Li-ion battery materials manufacturer based out of Conyers, GA, USA. Jose Ramirez takes over the helm as president of Toyo Ink Mexico, the Guadalajara-based producer of inks, coatings and colorants established in 2015. Ramirez had entered the then LioChem Mexico office (now Toyo Ink Mexico) in 2014 as one of its founding members. He has been driving growth as the sales director for its colorants business ever since.
In addition, Toyo Ink America revealed some executive changes at the start of 2023. Vipul Shah was named president, taking over the reins from Koji Wada, who now becomes the new chairman and CEO. Before being appointed president, Shah had served as VP of sales, Liquid Division for eight years.
Another new face on the executive team is Ron Rauck Jr.. Formerly the GM of the Liquid Division, Rauck is now EVP, Ink Division.
“Both Vipul and Ron are 30-plus-year veterans of the ink industry who bring a wealth of knowledge and experience to the table, ranging from technology and sales to business development,” said Ohba.
As for the rest of 2023, Ohba said that the operating environment is expected to remain difficult in the year ahead, characterized by supply chain problems, transportation/distribution-related difficulties, rising materials prices, and other challenges.
“Even so, we plan to undertake the various growth initiatives,” he added “For the Packaging Materials segment, our plans call for speeding up the rollout of eco-friendly products such as high-grade biomass inks, water-based printing solutions, and materials to help reduce plastic waste. In addition, we will boost contributions to earnings from overseas operations with the help of more stable production levels at new plants in China and India, the startup of a new plant in Turkey, and the expansion of sales of strategic products in Southeast Asia and India, where we are looking to increase our market share. At the same time, we will enhance our competitive position in the label/packaging market with the help of new product launches of eco-friendly UV inks.”
Chuo-Ku, Tokyo 104-8377 Japan
Phone: +81-3-3272-5731
https://schd.toyoinkgroup.com/en/
info@toyoinkgroup.com
Sales (fiscal 2022): $1.21 billion (¥158.6 billion) in printing and information, and packaging materials. Consolidated results: $2.41 billion (¥315.9 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; Satoru Takashima, president and Group CEO; Hiroyuki Hamada, senior managing director in charge of corporate divisions; Masato Yanagi, 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: 7,930 (consolidated).
Comments: Toyo Ink had solid sales results in 2022, with consolidated sales up 9.7% to $2.41 billion. However, operating profit declined 47.2% to $52 million, impacted by higher raw material and energy prices and supply issues.
“Net sales for the fiscal year under review rose to 315,927 million yen (up 9.7% year on year),” Toyo Ink noted in its annual report. “However, profit fell partly due to surges in raw materials prices. Operating profit stood at 6,865 million yen (down 47.2% year on year) and ordinary profit came to 7,906 million yen (down 48.8% year on year).”
Hideki Ohba, GM, marketing department, International Division at Toyo Ink Co., Ltd. noted that the operating environment for year 2022 proved to be a difficult one.
“The global economy was affected by high raw materials and energy prices and supply constraints chiefly due to the prolonged state of affairs in Ukraine and restrictions on economic activities in China,” Ohba said. “In addition, there were economic slowdowns and violent exchange rate fluctuations due to worldwide monetary tightening. Meanwhile, the COVID-19 pandemic was entering a new phase in which people live with COVID-19, and there were signs of a recovery in the global economy.”
Toyo Ink’s printing ink segments did very well in 2022. Toyo Ink’s Packaging Materials Related Business segment sales rose 13.3% to 83,646 million yen ($637 million) during 2022, while operating profit decreased to 963 million yen (down 46.9% year on year).
Ohba said that in the Packaging Materials segment, Japan-based sales of liquid inks, particularly mainstay products for packaging materials, were steady thanks to firm demand for liquid inks for food products such as frozen foods, labels for beverages, and noodles, based on the movement of customers toward increasing inventory in preparation for the disruption of the supply of materials and price increases. Overseas, shipments in China declined due to lockdowns.
Meanwhile, the Printing and Information Related Business segment reported sales of 75,180 million yen ($573 million), while operating profit decreased to 654 million yen (down 62.2% year on year).
“As for the Printing and Information segment, domestic sales of products for flyers, advertising, and publishing were sluggish due to the structural contraction of the information-related printing market,” Ohba reported. “However, domestic sales of products for paper containers and metal printing for beverage cans remained strong. The Group implemented structural reforms and collaborated with competitors to reduce costs, but profit was reduced significantly, chiefly due to the difficulty of procuring raw materials, the increase of prices and high energy costs. In overseas markets, the market was weak in Europe and China due to the war in Ukraine and the impact of COVID-19. In other regions, sales were firm, reflecting a recovery in economic activities and progress in the expansion of sales.”
Toyo Ink made some significant moves during the past year, beginning with its plans to change the company’s name change to artience Co., Ltd., a hybrid of “art” and “science,” effective Jan. 1, 2024.
“The name change is a sign of our strong desire to transform ourselves into a company that delivers pioneering value through cutting-edge technology to people around the world,” Ohba said. “We are committed to creating value that resonates with the senses and to building a future where all people can live enriched lives. We are currently working to ensure a smooth transition throughout the worldwide Group to the new corporate identity by Jan. 1.”
The acquisition of Thai Eurocoat in March 2023, a leader in the metal coatings segment, particularly in the ASEAN canned food market, was a significant move for Toyo Ink.
“We‘re pleased to welcome Thai Eurocoat to the Toyo Ink Group family,” said Jun Mikoshiba, president of Toyo Ink Thailand, in announcing the acquisition. “The Group has been operating in Thailand since 1971 and began the local production of can coatings in 1988 with the establishment of Toyo Ink Thailand. Over the years, we’ve expanded our business by taking advantage of our ability to develop advanced resins, mainly for can coatings that require high functionality. Thai Eurocoat is expected to complement these operations and to expand our business throughout the ASEAN region.”
Toyo Ink announced plans to double the laminating adhesives production capacity from the current level at its Malaysia-based subsidiary Toyochem Specialty Chemical, and also made capital improvements to bolster its packaging materials operations in Turkey, India, China, and Indonesia.
“We aim to strengthen our global supply chain and to expand sales of high-functionality and environmentally friendly solutions such as solvent-free adhesives, the demand for which is expected to grow worldwide,” said “Ohba. Expansion work is now under way at the Malaysian site with full operation slated to begin in the third quarter of 2023.”
As for personnel moves in the Americas Group, in 2022, John Easley, who had served as president of Toyo Ink Mexico since 2016, was named president of LioChem, the inks, plastic colorants and Li-ion battery materials manufacturer based out of Conyers, GA, USA. Jose Ramirez takes over the helm as president of Toyo Ink Mexico, the Guadalajara-based producer of inks, coatings and colorants established in 2015. Ramirez had entered the then LioChem Mexico office (now Toyo Ink Mexico) in 2014 as one of its founding members. He has been driving growth as the sales director for its colorants business ever since.
In addition, Toyo Ink America revealed some executive changes at the start of 2023. Vipul Shah was named president, taking over the reins from Koji Wada, who now becomes the new chairman and CEO. Before being appointed president, Shah had served as VP of sales, Liquid Division for eight years.
Another new face on the executive team is Ron Rauck Jr.. Formerly the GM of the Liquid Division, Rauck is now EVP, Ink Division.
“Both Vipul and Ron are 30-plus-year veterans of the ink industry who bring a wealth of knowledge and experience to the table, ranging from technology and sales to business development,” said Ohba.
As for the rest of 2023, Ohba said that the operating environment is expected to remain difficult in the year ahead, characterized by supply chain problems, transportation/distribution-related difficulties, rising materials prices, and other challenges.
“Even so, we plan to undertake the various growth initiatives,” he added “For the Packaging Materials segment, our plans call for speeding up the rollout of eco-friendly products such as high-grade biomass inks, water-based printing solutions, and materials to help reduce plastic waste. In addition, we will boost contributions to earnings from overseas operations with the help of more stable production levels at new plants in China and India, the startup of a new plant in Turkey, and the expansion of sales of strategic products in Southeast Asia and India, where we are looking to increase our market share. At the same time, we will enhance our competitive position in the label/packaging market with the help of new product launches of eco-friendly UV inks.”