{ "spec_version": "4", "endpoint": "history", "stock_code": "3865", "company_name": "北越コーポレーション", "content_lang": "ja", "meta_lang": "en", "canonical_url": "https://the-shashi.com/tse/3865/decisions/", "api_url": "/api/3865/history.json", "updated": "2026-09-14", "license": "© 2026 Yutaka Sugiura. All rights reserved.", "attribution": "The社史 (the-shashi.com) — https://the-shashi.com/tse/3865/decisions/", "source": { "chapters": { "html_url": "https://the-shashi.com/tse/3865/", "primary": [ "社史", "有価証券報告書", "新聞・雑誌記事" ], "extraction": "一次資料を読み合わせて執筆" }, "long_term": { "primary": [ "有価証券報告書", "北越製紙70年史", "会社年鑑" ], "extraction": "EDINET の XBRL、kabupro 掲載の旧有価証券報告書、会社年鑑・社史等からの転記", "row_field": "reference", "caveat": "創業期から現在までを 1 本に繋いだ長期系列のため、年代により出所・単位・連結範囲が変わる。行ごとの reference / unit / consolidation を必ず参照すること" }, "decisions": { "html_url": "https://the-shashi.com/tse/3865/decisions/", "primary": [ "企業の公表資料", "新聞・雑誌記事" ], "extraction": "本文は API に載せない。行ごとの html_url のページを参照すること" } }, "title": "北越コーポレーションの歴史概略", "eras": [ { "title": "創業と製紙基盤の確立と事業ポートフォリオ再編", "start_year": 1907, "end_year": 1963 }, { "title": "設備更新と震災復興と事業ポートフォリオ再編", "start_year": 1964, "end_year": 2020 }, { "title": "買収防衛と株主対立と事業ポートフォリオ再編", "start_year": 2021, "end_year": 2026 } ], "overview": [ { "label": "創業", "text": "1907年4月、田村文四郎氏と覚張治氏が越後の有力者と図り、資本金75万円をもって長岡市の信濃川畔に北越製紙株式会社を設立した。新潟県内の稲藁を原料とする板紙の製造を目的とした会社で、翌1908年10月に長岡工場で板紙を抄き始める。1920年12月に市川工場で上質紙を抄き、1937年5月に設立した北越パルプで原料へ遡り、1949年5月に東京証券取引所へ株式を上場する。ただし工場は新潟と関東に限られ、全国に工場網を持つ王子・十條・本州の3社とは規模で開きがあった。" }, { "label": "決断", "text": "買収の標的にされた会社が、以後は自ら株式を持つ側へ回った。創業以来、新潟と関東の工場に抄紙機を継ぎ足して品種を上げてきたが、同業と合併して規模を作る道は取らなかった。2006年7月、王子製紙の敵対的TOBに対し[三菱商事への303億円の第三者割当増資でホワイトナイトを迎え](/tse/3865/decisions/oji-tob-defense-2006/)、応募率5.33%で不成立に追い込む。守り切ったあと資本は外へ向かい、2009年10月に紀州製紙を株式交換で完全子会社として2011年4月に吸収合併し、2012年8月には大王製紙株を取得して持分法適用関連会社とした。同年9月にフランスのBernard Dumas、2015年10月にはカナダのAlberta-Pacific Forest Industriesを取得し、特殊紙と森林資源の拠点を海外へ置いた。" }, { "label": "現況", "text": "売上の9割を占める紙パルプの利益が、1年で3分の1に縮んだ。2026年3月期の連結売上高2,877億円のうち紙パルプ事業は2,613億円を占め、セグメント利益は前期の182億円から59億円へ減少した。全社営業利益も197億円から75億円へ、当期純利益は155億円から72億円へ下がっている。海外売上は990億円で3割を超え、2015年に取得したカナダのAlberta-Pacificを通じてパルプ市況の振れを直に受けるようになった。2021年10月には[株式の7.3%超を持つオアシス・マネジメントがキャンペーンを開始し](/tse/3865/decisions/oasis-campaign-2021/)、時価総額の約75%に相当する政策保有株式の縮減を求められた。独立を守るために積んだ株式が、資本効率を問われる対象へ変わった。" }, { "label": "競合", "text": "同業と合併せず、株式を持つ形で相手とつながってきた。2006年に王子製紙が[仕掛けた敵対的TOB](/tse/3861/decisions/hokuetsu-tob-2006/)は、三菱商事の増資引き受けと日本製紙の対抗買いによって不成立に終わり、国内製紙の再編はここで止まった。王子ホールディングスが四半世紀の段階合併で首位を保ち、大王製紙が小売店の棚で選ばれる品目を増やしたのに対し、北越は2012年に取得した大王製紙株22.3%を長く事業へ生かさないまま保有した。2024年2月、両社は生産技術・原材料購買・製品物流の3分野で戦略的業務提携を締結し、2026年度に北越30億円・大王20億円の営業利益上積みを掲げている。防衛の足場として取得した株式が、12年を経て設備と物流を共有する提携へつながった。" } ], "profile": [ { "key": "founding_business", "label": "祖業", "value": "稲藁を原料とする板紙の製造" }, { "key": "current_issue", "label": "現在の注力課題", "value": "大王製紙との3分野提携と政策保有株式の縮減", "tags": [ "提携", "資本効率" ] } ], "lineage": { "title": "北越製紙と紀州製紙の統合", "path": "3865-lineage-top.v2.json" }, "auditVersion": 3, "foundingStory": true, "summary": { "description": "北越コーポレーション（旧北越製紙）の歴史。1907年、田村文四郎・覚張治平が新潟県長岡市で創業。三菱製紙との提携、王子製紙の敵対的TOB拒絶、オアシスによる株主キャンペーンまでの沿革と経緯を執筆。" }, "chapters": [ { "start_year": 1907, "end_year": 1963, "main_title": "創業と製紙基盤の確立と事業ポートフォリオ再編", "subsections": [ { "title": "稲藁を活かした紙卸商の製造業転身", "text": "1907年4月、長岡の紙卸商・田村文四郎と書籍商・覚張治平を中心とする143名の出資者が北越製紙株式会社を設立した。稲作の盛んな新潟は原料となる稲藁の調達が容易な土地柄であり、新潟随一の紙商であった田村家が築き上げてきた広範な販路がそのまま創業時の販売基盤となった。翌年10月にはドイツ製の抄紙機を据え付けて長岡工場での板紙製造を開始し、1914年に設立した北越板紙を1917年に合併して新潟工場とし、長岡と新潟の2拠点体制を構築した。原料・販路・水力という製紙業の3条件を地元の信濃川流域で完結させたところに、創業期の北越製紙の独自性と強さがあった。\n\n第1次世界大戦の好景気を受けて北越製紙は業容を急拡大したが、大戦後の反動不況により1920年に新設した市川工場は採算割れが続いた。好況期の拡張投資が不況期に採算上の負担となる構図は、設備投資の規模が直接固定費を押し上げる装置産業の宿命でもあり、北越製紙が直面した最初の本格的な経営試練となった。経営の中核には引き続き田村家の出身者が据えられ、田村家から出た社長が1950年代まで歴任する創業家支配の統治体制がはっきりとした形をとって定着した。創業時の人脈と販路に支えられた経営構造は、戦後の業界再編期に至るまで色濃く残り続けた。", "references": [ { "title": "北越コーポレーション 有価証券報告書 第187期（2025年3月期）【沿革】", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ] }, { "title": "戦後復興期に獲得した洋紙生産国内5位", "text": "戦時中に空襲を免れた北越製紙は早期に生産体制を立て直し、1951年には製紙業界のなかでもトップレベルの収益を計上した。同社はこの収益を設備投資の原資として振り向け、長岡・新潟・市川の3拠点で抄紙機を相次いで新設して増産体制を構築した。その結果、1955年には洋紙生産高で国内シェア5位を確保し、新潟を本拠とする地方企業でありながら王子・本州・十條といった東京資本の大手と互角に競う存在として業界内外の注目を集めた。地方発の中堅メーカーが大手の一角に並ぶという、戦後の製紙業界では異例の位置取りをした時期である。\n\nしかし1957年からの景気低迷で収益性が低下し、北越製紙は再建方策案を策定して希望退職を含む人員整理に踏み切らざるを得なくなった。1959年には鈴木一弘による株式買い占め事件が起き、外部からの経営介入のリスクが現実のものとして同社の前に立ち現れた。株式の買い占めは当時の上場企業に共通する脅威だったが、創業家支配が残る地方中堅メーカーにとっては組織防衛の足場そのものが論点となる事件でもあった。さらに1963年には田村文吉会長の逝去によって創業家による経営に区切りがつき、半世紀以上にわたって続いた田村家中心の統治構造は終わりを迎えた。地方の中堅紙メーカーから業界中位の企業へと立場が変わるなか、北越製紙は新たな統治構造への転換を迫られた。", "references": [ { "title": "北越コーポレーション 有価証券報告書 第187期（2025年3月期）【沿革】", "year": null, "month": null, "date": null, "url": null, "quotes": [] } ] } ] } ], "long_term": [ { "year": 1949, "month": 3, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": null }, { "year": 1950, "month": 3, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": "北越製紙70年史" }, { "year": 1951, "month": 3, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": "北越製紙70年史" }, { "year": 1952, "month": 3, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": "北越製紙70年史" }, { "year": 1953, "month": 3, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": null, "sales": null, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": null, "net_profit": null, "net_margin": null, "employees": null, "reference": "北越製紙70年史" }, { "year": 1954, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 53.1, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 3.9, "net_margin": 7.344, "employees": null, "reference": "北越製紙70年史" }, { "year": 1955, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 52, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": -2, "net_margin": -3.847, "employees": null, "reference": "北越製紙70年史" }, { "year": 1956, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 55.9, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 1.9, "net_margin": 3.398, "employees": null, "reference": "北越製紙70年史" }, { "year": 1957, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 63.2, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 1.5, "net_margin": 2.373, "employees": null, "reference": "北越製紙70年史" }, { "year": 1958, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 59, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": -3.3, "net_margin": -5.594, "employees": null, "reference": "北越製紙70年史" }, { "year": 1959, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 64, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": -4.7, "net_margin": -7.344, "employees": null, "reference": "北越製紙70年史" }, { "year": 1960, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 75.1, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 1, "net_margin": 1.331, "employees": null, "reference": "北越製紙70年史" }, { "year": 1961, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 80.1, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 1.5, "net_margin": 1.872, "employees": null, "reference": "北越製紙70年史" }, { "year": 1962, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 81.9, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 1.6, "net_margin": 1.953, "employees": null, "reference": "北越製紙70年史" }, { "year": 1963, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 86.9, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 0.8, "net_margin": 0.92, "employees": null, "reference": "北越製紙70年史" }, { "year": 1964, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 106.9, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 2.2, "net_margin": 2.057, "employees": null, "reference": "北越製紙70年史" }, { "year": 1965, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 99.2, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": -9.4, "net_margin": -9.476, "employees": null, "reference": "北越製紙70年史" }, { "year": 1966, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 105.1, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": -1, "net_margin": -0.952, "employees": null, "reference": "北越製紙70年史" }, { "year": 1967, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 142.8, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 5.1, "net_margin": 3.571, "employees": null, "reference": "北越製紙70年史" }, { "year": 1968, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 164.8, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 4.9, "net_margin": 2.973, "employees": null, "reference": "北越製紙70年史" }, { "year": 1969, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 179.1, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 3.6, "net_margin": 2.01, "employees": null, "reference": "北越製紙70年史" }, { "year": 1970, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 215, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 3.4, "net_margin": 1.581, "employees": null, "reference": "北越製紙70年史" }, { "year": 1971, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 256, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 7.8, "net_margin": 3.046, "employees": null, "reference": "北越製紙70年史" }, { "year": 1972, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 276, "operating_profit_jp": null, "operating_profit": null, "ordinary_profit_jp": null, "ordinary_profit": null, "net_profit_jp": "当期純利益", "net_profit": 2.6, "net_margin": 0.942, "employees": null, "reference": "北越製紙70年史" }, { "year": 1973, "month": 4, "company_name": "北越製紙", "consolidation": "単体", "accounting_standard": "JGAAP", "unit": "億円", "sales_jp": "売上高", "sales": 324, 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