■Company Overview
1. Company Overview
Takiron CI ＜4215＞ is a major comprehensive resin processing manufacturer that manufactures and sells construction materials and agricultural/civil engineering materials made of synthetic resins. We are developing 4 business segments*, and in the construction materials business segment, we handle polycarbonate resin sheets, non-slip vinyl floor sheets, etc., in the environmental materials business segment, agricultural films and water-blocking sheets for civil engineering work, etc., in the high-performance materials business segment, industrial plates used in semiconductor manufacturing equipment, etc., and in the functional film business segment, we handle shrink films, etc. used in labels for PET bottled beverages, etc. Taking advantage of advanced resin processing technology, it is possible to manufacture products in a wide range of fields according to applications, such as special molding, thickness and strength, etc., and there are many products that boast the top domestic market share. It is a company established by merging business with Takiron and CI Chemical, which have a corporate history of over 100 years, in 2017, and is a consolidated subsidiary of ITOCHU Corporation ＜8001＞ (55.5% equity ratio at the end of the 2024/3 fiscal year).
*The organization was changed to 3 business segments from the fiscal year ending 2025/3 in the new medium-term management plan described later.
Created through business integration between Takiron and CI Chemical
2. HISTORY
Takiron, one of the company's predecessors, is a long-established store founded in 1919. After establishing a solid position in the celluloid industry, research on vinyl chloride began, and the hard vinyl chloride plate “Tachiron Plate” was launched in 1955. Since then, starting with vinyl chloride for corrugated sheets, which were mainly made of metal, they developed rain gutters, drainage scrubbers, etc. with novel ideas using plastic, and established a reputation as a manufacturer that creates new value, and expanded their business. As a result, it was listed on the Osaka Stock Exchange (hereafter, the 2nd section) in 1961, changed designation to the 1st section of the OSE in 1972, and was partially listed on the Tokyo Stock Exchange the following year. Manufacture of high-performance material plates with excellent static control effects and transparency began in 1980 using unique surface technology, and the field expanded to electronic device manufacturing equipment, such as being adopted in clean room partitions for liquid crystals and semiconductor manufacturing equipment. In 1994, it entered the condominium renovation market in earnest with anti-slip flooring, and in 2000, it captured the trend where corrugated sheets and flat plates were shifting to polycarbonate products and captured an increase in demand.
CI Kasei, another predecessor of the company, is a company formed by merging Hama Kasei Co., Ltd. and Kobe Resin Co., Ltd. in 1971. The main business at the time of establishment was PVC pipes and agricultural vinyl films, and vinyl films, which have anti-fog properties in particular, became extremely popular (the pipe business withdrew in 2005). In 1980, it expanded into films for furniture and building materials, which is the third pillar, and then actively expanded overseas. Bonset America Corporation (BAC) was established in 1989 to capture increased demand for stretch film in North America, and in 1995 it expanded into China for motor production. BONLEX EUROPE S.r.l (BLX) was established in Italy in 2007 to sell “BONREX” to local furniture manufacturers, and in 2012, Bonset Latin America S.A. (BLA) was established in Uruguay in South America with the aim of capturing shrink film demand (BLA announced its withdrawal in 2023).
As described above, since there are few overlapping businesses, various synergies can be expected, starting with business domain expansion, and since both were in the ITOCHU Group, they were promoting information exchange and human resource exchange, so it was decided to merge business in 2017. Although it stumbled slightly due to an unexpected deterioration in the external environment in the previous medium-term management plan, it was revised in the single-year management plan for the 2024/3 fiscal year, and it is about to turn aggressive with the medium-term management plan that started anew for the 2025/3 fiscal year.
Promote optimal placement and enhanced investments to improve profitability
3. Production sites
The company has 27 manufacturing sites and research centers in Japan and 4 overseas bases. Since there were few overlapping fields of business between Takiron and CI Kasei, most factories have been utilized even after integration, but in the new medium-term management plan, it is a policy to promote overall optimization of the production system, drastically shift capital investment objectives to growth investors, and proceed with production increase/enhancement and production rationalization. As detailed later, while they have already decided to withdraw from BLA, they are proceeding with enhanced investment between BAC and BLX and integration of research functions at multiple sites. The two factories in China, which have sent products to Japan, etc., also have a policy of strengthening the domestic market in China. If optimal placement and enhanced investment proceed, the profitability of the enterprise as a whole will also increase.
(Written by FISCO Visiting Analyst Miyata Hitomitsu)