Kokuyo Co. announced plans to acquire Vietnam’s Thien Long Group Corp. for an estimated ¥27.6 billion ($185 million) through a two-stage transaction aimed at establishing a foothold in Southeast Asia’s stationery market.
The Osaka-based office supplies maker will first purchase Thien Long An Thinh Investment Corp., a holding vehicle owned by TLG’s founder and associates that controls 46.82% of the Vietnamese company’s shares. A subsequent tender offer will seek an additional 18.19% stake, giving Kokuyo up to 65.01% ownership of the Ho Chi Minh City-listed manufacturer.
Nikkei reported that Kokuyo plans to make the acquisition of TLG in Vietnam the fourth pillar of its overseas operations, alongside Japan, China and India. The transaction requires Vietnamese regulatory approval and is expected to close by November 2026.
TLG, founded in 1981, holds a dominant position in Vietnam’s writing instruments segment and operates a regional sales network across ASEAN countries. The company reported consolidated revenue of ¥22.4 billion ($145 million) and net profit of ¥2.75 billion ($18 million) for the year ended December 2024.
Kokuyo has faced pressure from Hong Kong-based activist investor Oasis Management, which acquired roughly 5% of the company’s shares last year as the Japanese firm grapples with challenges in its Chinese operations. Whether the Vietnamese acquisition can deliver the projected synergies remains to be seen, particularly given integration complexities across different markets.
