The company will set up its first office on the continent, Toyo Ink North Africa for the medium to long-term timeframe, with paid-in capital of EUR 2.4 million.
“Following China and India, the African continent is believed to be one of the future growth engines of the global economy,” said Katsumi Kitagawa, Group CEO, Toyo Ink Group.
“Up until now, Toyo Ink Group had been developing its business in the region by way of our existing operating bases. These efforts are now beginning to pay off as sales in the region have been steadily rising.
“The decision to establish an office in Morocco is a result of this early success and our need to focus on branding efforts, as we continue to solidify our position as a global single-source provider of integrated printing and packaging.”
Toyo Ink North Africa will be developing business opportunities for commercial printing inks, liquid (flexo and gravure) inks and adhesives for food packaging, and can coatings.
It will market existing Group products while functioning as a market research hub to promote products customized to the needs of the local market.
The subsidiary will focus on expanding sales and development of ink products and increase sales of the Group’s chemical businesses.