NIPPN CORPORATION - Company History

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Financial history 1954–2026 — revenue, cost structure, balance sheet, cash flow and key ratios, year by year →

Founded 1896
Founder Amemiya Keijiro · Nanjo Shinrokuro
Founding location 東京市深川区東扇橋
Core business at founding Wheat flour milled on mechanised roller mills
Listed 1949
President Maezuru Toshiya President since 2020 (age 65, as of 2026)
Current priority Asset replacement · Capacity investment Selling cross-shareholdings and building the new mills at Chita and in the United States
Founding
In December 1896 Nanjo Shinrokuro 南条新六郎 and his associates established Nippon Flour Mills at Higashi-Ogibashi in the Fukagawa ward of Tokyo with capital of ¥300,000. Its milling capacity was 200 barrels, and in that same year 89 per cent of the wheat flour supplied in Japan still came from watermills. Mechanised milling had been transplanted in 1879, when Matsukata Masayoshi 松方正義 opened a government plant at Kuramae in Asakusa; the machinery was sold off around 1884 to a company formed by former samurai, and in 1888 it was moved into a building at Ogibashi in Fukagawa owned by Amemiya Keijiro 雨宮敬次郎. That company was dissolved in 1891, and the merchant who took over the plant also ran aground. In 1893 Nanjo and his associates revived it as the Tokyo Seifun partnership, secured their footing on army rations demand during the Sino-Japanese War, and then reorganised it as a joint-stock company. Machine-milled flour, however, was expensive and would not sell for traditional udon noodles, so its buyers were confined to the army and navy and to bread and biscuits.
The Decision
A new business was always started in a separate company and absorbed into the parent once it had grown. In February 1955 the company set up Nichifun Shokuryo and launched the household brand Oh'my, and thirty-five years later, in October 1990, it merged that company in and turned it into the Atsugi and Kakogawa plants. In June 1996 it established Nippn Frozen Foods to hive off frozen-food manufacturing, and twenty-five years on, in April 2021, took the manufacturing business back into the parent as the Isesaki and Ryugasaki frozen-food plants. In April 1998 it spun the pasta operation back out to Oh'my, so the cutting away and the taking back do not run in one direction only. Wheat is bought and sold on by the government as sole purchaser, and product prices move with revisions to the government resale price, so milling itself offers no room to differentiate. Verifying that a business paid its way in a separate company before bringing it back into the parent is what grew sales outside flour to twice the size of milling.
Today
Two-thirds of revenue lies outside flour, but profit is split almost evenly with milling. Consolidated revenue for the year to March 2026 was $2.6B (¥418bn) and operating profit $139.7M (¥22bn). By segment, Flour Milling accounted for $758.7M (¥120bn) of revenue and $60.1M (¥10bn) of profit, and Food for $1.5B (¥244bn) and $57.5M (¥9bn): a revenue split of 33 to 67, with profit almost level. In the year to March 2023 milling earned $53.4M (¥8bn) against food's $24.2M (¥3bn), milling taking close to seven-tenths of the total; the lag before a revision to the government resale price passes through into product prices has repeatedly reversed the profits of the two businesses. In May 2024 the company set out a plan to sell cross-shareholdings and idle property and redirect the proceeds into capital investment, and in the 2024 financial year it sold $56.8M (¥9bn) of idle assets and $33.4M (¥5bn) of shares. The money raised went into plant, and the new Chita mill, where large grain carriers can berth, started up in February 2026.
Competition
Over a quarter of a century the number of flour millers has more than halved, yet the share taken by the leaders has not moved. A 1968 record puts Nippon Flour Mills' share at about 25 per cent, and its share of domestic wheat-flour sales in the 2024 financial year was 25.0 per cent: second place in the industry, unchanged. Over that period the number of mills fell from about 3,100 in the 1951 financial year to under ninety, and the number of companies was consolidated from 129 in 1998 to sixty, while the top four now hold 81.8 per cent of the market. The joint-sales association formed with Nisshin Flour Milling through Mitsui & Co. in April 1930 was likewise an attempt to hold prices in a market where capacity ran ahead of demand. Nisshin, the industry leader, acquired Allied Pinnacle of Australia in April 2019, whereas NIPPN's overseas sales remain low enough that its annual securities report omits a geographical breakdown on the ground that Japan accounts for more than 90 per cent. A system in which the state controls both the raw material and the price has fixed the ranking, and the difference has shifted to the capacity each company holds abroad.

Timeline

1896–1948Transplanting mechanised milling into a country of watermill flour, and dividing the market with Nisshin

  1. 1896Nippon Flour Mills founded at Ogibashi, Fukagawa, Tokyo
  2. 1896Operations begin on Japan's first Western-style milling plant, 440 tonnes of flour a month
  3. 1920Toyo Seifun absorbed; the Takasaki, Oyama and Kobe mills taken over
  4. 1924Yokohama, Japan's first full-scale large tidewater mill, completed
  5. 1925Otaru mill completed
  6. 1926Eleven mills, 16,100 barrels of capacity, capital of ¥12.3 million
  7. 1928Nagoya mill completed; selling-price agreement concluded with Nisshin
  8. 1930Flour Milling Joint Sales Association founded with Nisshin and Mitsui & Co.
  9. 1930Joint selling of wheat flour begins
  10. 1940Ministry notice fixes a maximum selling price for wheat flour
  11. 1945All overseas mills lost; capacity down to 34 per cent of pre-war

1949–1989Forty years of widening the customer base beyond flour, in an industry where the state held both the grain and the price

  1. 1949Shares listed on the Tokyo and Osaka stock exchanges
  2. 1951Ogiya Shoten founded (renamed Nihon Shoji in 1964)
  3. 1952Central research laboratory opened; rebuilding of war-damaged mills completed
  4. 1952Controls on barley and wheat lifted; free selling returns after twelve years
  5. 1955Nippun Shokuryo founded and the household brand Oh'my born
  6. 1958Matsuya Seifun founded
  7. 1960Osaka Seifun absorbed; the Osaka mill taken over
  8. 1964Sales of premix products begin
  9. 1967Head office moved to Shibuya ward
  10. 1973Entry into frozen food with cream croquettes
  11. 1975Nippn Kiko founded (now Nippn Engineering)
  12. 1985Fukuoka mill completed
  13. 1989Ryugasaki mill completed

1990–2013From a company that grinds flour to a company that makes food: twenty-four years recast by restructuring and frozen food

  1. 1990Oh'my Co. absorbed; its plants become the Atsugi and Kakogawa works
  2. 1991Entry into the prepared-meals business
  3. 1993Company-wide restructuring begins
  4. 1996NIPPN Frozen Foods founded; full-scale entry into frozen food manufacturing
  5. 1996Centenary; the communication name NIPPN announced
  6. 1996Nippon Flour Mills (Thailand) Ltd. founded, the first base abroad
  7. 1998Pasta manufacturing division split off into a new Oh’my Co.
  8. 2000The American pasta maker Pasta Montana, L.L.C. acquired
  9. 2003Frozen pasta range Oh'my Premium launched; OK Food Industry shares acquired
  10. 2004Premix plant of Shanghai Nippun Food Co. completed
  11. 2013Shares in Nagano Tomato acquired

2014–2026Twelve years in which flour still earned most of the profit after 'flour milling' left the name

  1. 2014PT. NIPPN FOODS INDONESIA founded
  2. 2014Shares in Tofuku Seifun acquired through a tender offer
  3. 2016Head office moved to its present site
  4. 2019Link Square Shinjuku completed on the site of the former Shibuya head office
  5. 2021The company name changed to NIPPN
  6. 2021Tofuku Seifun absorbed; the Fukuoka Nanotsu mill taken over
  7. 2022OK Food Industry made a wholly owned subsidiary
  8. 2024Medium-term targets raised to ¥450bn of revenue and ¥21bn of operating profit
  9. 2025The new Utah Flour Milling plant starts up in the United States
  10. 2026Chita, a new milling base where large grain carriers can berth, completed

Founding Story

1896–1948Transplanting mechanised milling into a country of watermill flour, and dividing the market with Nisshin

NIPPN's plant goes back to a state-run mill opened in Tokyo in 1879 — machinery that changed hands three times and failed three times before the company was finally incorporated in December 1896 with capital of ¥300,000 and a milling capacity of just 200 barrels. Over the following thirty years it absorbed rival after rival until it and Nisshin Flour Milling together held more than four-fifths of the industry's capacity, and then, unable to sell what that capacity produced, handed the setting of its own prices first to Mitsui & Co., then to a cartel formed with its only rival, and finally to the state.

Machinery that changed hands three times after the state mill

The transplanting of mechanised milling into Japan began in 1879, when a state-run flour mill was opened at Kuramae in Asakusa, Tokyo. Installed there were two steam-powered millstone machines with a capacity of 15 barrels, bought by Matsukata Masayoshi (松方正義) on a visit to France the year before[1]. The mill never produced results worth showing, and around 1884 the machinery was sold off to a company organised by former retainers of the Satsuma and Echizen domains. They first set up works at Minami-Odawaracho in Kyobashi, Tokyo, then moved in 1888 into a building at Ogibashi in Fukagawa owned by Amemiya Keijiro (雨宮敬次郎). Amemiya had seen mechanised milling in the United States and built a mill on that same site around 1880, but it had already been shut down[2].

Almost all the flour ground by machine went to the army and the navy. In the general market it could not stand against the strength of flour ground on watermills. Results did not improve; the company was dissolved in 1891 and the mill passed to Shima Manjiro (島万次郎), a merchant from Omi, who failed in his turn. In 1893 it was taken over by Nanjo Shinrokuro (南条新六郎), a former retainer of the Tatebayashi domain and president of the Fortieth Bank, together with Nagao Sanjuro (長尾三十郎) of the Thirty-ninth Bank and Sakai Toyokichi (境豊吉), who had close ties to Shima; using the mill as its nucleus they established Tokyo Seifun, a limited partnership[3]. Rather than rely on military orders alone, the firm opened civilian channels with the help of Tachikawa Kenzo (立川健蔵), a Tokyo grain merchant, and secured its footing by catching the rise in demand for army provisions during the First Sino-Japanese War[4].

In December 1896 the assets of Tokyo Seifun were taken over and Nippon Flour Mills was incorporated with capital of ¥300,000[5]. Its head office and mill stood at Higashi-Ogibashi in Fukagawa ward, with a milling capacity of no more than 200 barrels[6]. In that same year, 89 per cent of the domestic supply of wheat flour was still watermill flour; imported American flour and domestic machine-ground flour both occupied a low place[7]. The fourth owner counting from the state mill had at last found a form the business could sustain. The company's standing as Japan's oldest mechanised flour miller rests not on a run of successes but on three failures beneath it.

Collecting mills by acquisition, and holding four-fifths of capacity with a single rival

Riding the surge of mechanised milling, Nippon Flour Mills added plant after plant. It built the second Ogibashi mill in 1904; in 1907 it absorbed Meiji Seifun (the Onagi mill) and at the same time opened the Hyogo mill; in 1909 it merged with Teikoku Seifun (the Sunamachi mill). By the end of the Meiji era it had five mills, a milling capacity of 2,500 barrels and capital of ¥1.55 million[8]. The European war of 1914 raised demand for flour and cut off imports of foreign wheat, and the domestic market boomed. In April that year the Kurume mill was built; in 1920 the mergers with Toyo Seifun, Dairi Seifunsho and Sapporo Seifun brought in five mills at Kobe, Takasaki, Oyama, Moji and Sapporo, and the merger with Tohoku Seifun in the same year added the Sendai mill[9].

In May 1924 the Yokohama mill was completed, the first full-scale large tidewater mill in Japan[10]. The following year the Otaru mill was built, and the merger with Toa Seifun added a Tokyo mill. At the end of 1926 the line-up stood at eleven mills, 16,100 barrels of milling capacity and capital of ¥12.3 million[11]. Capacity across the industry swelled over the same period: total large-scale mechanised milling capacity in 1925 was about 33,700 barrels, more than three times the pre-war figure, and Nisshin Flour Milling and Nippon Flour Mills between them held over 80 per cent of it[12]. Consumption of flour grew in strong flour for bread and soft flour for confectionery, but the increase in mill capacity outran it, and the tendency to overproduction grew stronger.

The answer to surplus capacity was to stop increasing output and to fix prices. In May 1926 seven companies — Nisshin, Nippon, Matsumoto Beikoku, Nagoya, Masuda, Osaka and Nippon Seimai — concluded a production-limitation agreement. Nisshin and Nippon were assigned the same rate of curtailment and shut down 40 to 60 per cent of their production until the agreement expired in May 1928[13]. In parallel, Nippon Flour Mills began its rebuilding by contracting sole selling rights for its products to Mitsui & Co. in May 1927, and in October 1928 it concluded an agreement on selling prices with Nisshin[14]. When the lifting of the gold embargo in 1930 threw the economy into confusion, the two companies conferred with Mitsui & Co., which sold Nippon Flour Mills' products on consignment, and on 1 April that year they founded the Flour Milling Joint Sales Association. Of its ¥200,000 of funds, Nisshin put up ¥100,000 and Nippon Flour Mills and Mitsui & Co. ¥50,000 each[15]. In April 1931 Nitto Flour Milling joined as well, and an Eastern Flour Milling Joint Sales Association was organised as the selling body for the territory from Nagoya eastward. Masuda and Osaka Seifun in the Kansai never joined, but the two associations worked to hold the market up until they were dissolved in July 1935[16]. This industry entered early into a framework of dividing the market and holding the price, rather than widening it.

Onto the continent, and fifteen years with the price entrusted to the state

After the Manchurian Incident market prices turned upward and exports to the continent rose sharply. The destinations were mainly northern China, where the company widened its market in competition with American and Canadian products[17]. The Nagoya mill was built in 1928 and the Incheon mill completed in 1935. In February 1936 Toa Seifun was established at Qingdao, and in July the same year the Chinnampo and Sariwon mills were bought from Manshu Seifun. In February 1937 Toyo Seifun Co. Ltd was set up at Mukden. Once the Second Sino-Japanese War began the advance onto the continent went further: Sanko Menfun Co. was established at Shanghai in 1938 and Hankou Seifun at Hankou in 1940[18].

In January 1940 a Ministry of Agriculture and Forestry notice fixed a maximum selling price for wheat flour; flour was distributed in a single channel by the national flour distribution body, and wheat bran became a sole-agency line of the feed distribution body. With the Food Control Act coming into force in July 1942, the industry was placed under strong state control[19]. The Enterprise Reorganisation Order of 1944 forced the closure of the Kurume, Kobe, Oyama and Sapporo mills, and in March 1945 the Tokyo and Nagoya mills were hit in air raids. With the surrender the company lost every one of its overseas mills; what remained was five mills with an installed capacity of 7,466 barrels, 34 per cent of pre-war capacity[20]. At the end of fifteen years in which freedom over prices had been entrusted to the state, the company was a third of its former size.

Immediately after the surrender Nippon Flour Mills was designated a restricted company on account of its zaibatsu connections, and in August 1946 it was designated a special accounting company. In 1948 a designation under the Act for the Elimination of Excessive Concentration of Economic Power was added, making rebuilding harder still. Even so it restored the Nagoya and Oyama mills in 1945, the Kurume mill in 1946 and the Kobe mill in 1947. When the deconcentration designation was cancelled in 1949 the other designations were lifted in turn, and in 1951 the company managed to restart the restored Tokyo mill[21]. In being a recovery bound by government designations, the continuity between the war years and the post-war years is strong.

1949–1989Forty years of widening the customer base beyond flour, in an industry where the state held both the grain and the price

Decontrol in 1952 returned completely free selling of flour for the first time in twelve years, but it did not return a free business: the wheat still came from the government at an official price, and each mill's share of it was set by an allocation formula. Capacity was restored to 22,600 barrels by 1955 and sales reached $65.6M (¥24bn), above the pre-war peak — and yet, unable to distinguish itself on either the grain or the price, the company spent the next thirty-five years competing over what it could make from the same wheat: Oh'my in 1955, premixes from 1964, frozen croquettes in 1973.

Allocation outlived decontrol, and capacity was restored to 22,600 barrels

In May 1949 Nippon Flour Mills listed and registered its shares on the Tokyo Stock Exchange and the Osaka Stock Exchange[22]. Reflecting the extreme post-war food shortage, foreign wheat was imported in bulk, and flour mills sprang up in disorder alongside it, laying the ground for the surplus capacity to come. As the food situation improved, controls on barley and wheat were lifted in 1952 and completely free selling returned for the first time in twelve years, since 1940. In June 1954 the long-pending Oyama mill was completed, finishing the installation of 2,300 barrels. At the end of March 1955 the company had ten mills[23], one of them idle, and a production capacity of 22,600 barrels[24].

In the 1954 business year it sold 21.11 million bags for total sales of $65.6M (¥24bn), far above the pre-war level. Capital was raised repeatedly — in January and December 1949 and in October 1952 — and in August 1954 the incorporation of $400,000 (¥144m) of revaluation reserve brought it to $2M (¥720m)[25]. Under Akagi Sakae (赤木栄), who became president in January 1948[26], a company shrunk by war damage and government designations was back above its pre-war size in about ten years. What had returned, however, was the size; the substance of the business was still grinding wheat into flour and selling it.

Decontrol did not mean freedom had been fully restored. Apart from what was imported with foreign currency earned by exports, all the wheat came from purchases from the government, and each mill's allocation was set on a ratio of 20 per cent installed capacity to 80 per cent purchasing record. The overall total was decided month by month by the Ministry of Agriculture and Forestry against its reading of supply and demand. Raw material was bought at an official price and the allocation was fixed, so the supply position was extremely stable. What had been freed was only the selling of products, and only from 1952[27]. In an industry where neither the raw material nor the price could set one company apart from another, each firm had no choice but to compete over what it made from the same wheat.

A tidewater mill of 1,211 tonnes a day that also carried warehousing and port haulage

The Yokohama mill, which began running in 1924, was still the core of Nippon Flour Mills forty-two years later, in 1966. A complete set of milling equipment was imported from Bühler of Switzerland in 1958 and a second set from Miag of West Germany in November 1965, giving a plant in which four lines — A, B, C and D — ran continuously. Its total milling capacity as assessed by the Ministry of Agriculture and Forestry was 1,211 tonnes a day, about 23 per cent of the 5,250 tonnes a day of Nippon Flour Mills as a whole. Since total milling capacity nationwide was about 31,000 tonnes a day, this single mill carried 3.9 per cent of the country's[28].

The plant was not merely a place for grinding flour. Its silos held 33,000 tonnes, ships of 10,000 tonnes came alongside the quay, and 230,000 tonnes of wheat were landed there each year — about 10 per cent of Japan's total wheat imports. Wheat landed in bulk belonged to the government the moment it was stored, and the mill was entrusted with keeping it. From this a warehousing business grew, and to it was added a port haulage business sending as much as 500 tonnes a day to inland mills such as Oyama and Takasaki. Some 200,000 tonnes of wheat a year were processed into about seven million bags of flour for distribution across the Kanto region, and some 30,000 tonnes' worth, about a million bags, were exported to South-East Asia. About 500 people worked there — roughly 60 staff, 240 workers and 200 stevedores — the mill running three shifts round the clock and packing running two shifts over sixteen hours[29].

For a company whose raw-material price and allocated volume were both decided by the government, the wharf, the silos and the mill running twenty-four hours were among the few places where it could set itself apart. The plant manager of the day was indeed preparing works to extend the berthing facilities in anticipation of larger vessels, and, with encouragement from the government, moving to make an expansion of the silos concrete[30]. Competition, it is fair to say, had shifted from the intake of raw material to the efficiency of handling and logistics. Beyond piling money into equipment and location, there were not many ways to build an advantage in the milling business.

Oh'my and premixes: two circuits stretched to the home and the restaurant

In February 1955 Nippun Shokuryo was established and the household food brand Oh'my (オーマイ) was born; the company changed its name to Oh'my Co. in 1983[31]. Oh'my Tempura Flour went on sale in 1963, and from 1964 the company began selling premix products. The character of the customer changed, from a trade in selling flour as flour to a trade in selling flour with the work up to the point of cooking already done. In 1971 it began making premixes for Mister Donut, and in 1973 it entered the frozen food business with cream croquettes[32]. Twenty years after controls were lifted in 1952, two circuits out beyond flour had been opened.

The shape of the company branched out considerably in this period as well. Ogiya Shoten was founded in 1951 (renamed Nihon Shoji in 1964), Matsuya Seifun in 1958, Nippn Donuts in 1972, Nippn Kiko in 1975 (now Nippn Engineering), Shin-Nihon Shoji in 1976 and Nihon Rich in 1982[33]. Mills followed too: Kobe Konan in 1974, Chiba in 1978, Fukuoka in 1985 and Ryugasaki in 1989. In September 1967 the head office moved to Shibuya ward[34]. While continuing to invest in milling plant, the company assembled a line of subsidiaries in processing, distribution and machinery.

A record from 1968 describes Nippon Flour Mills as the oldest flour miller in the country, dividing the industry with Nisshin Flour Milling and holding a share of about 25 per cent. Under the peculiar condition that both the price of its raw wheat and the selling price of its products were under government supervision, it kept its dividend steady at 13 per cent. At the time it was carrying out capital investment totalling $6.5M (¥2bn), including the construction of silos at the Yokohama mill[35]. Stability came at the cost of much prospect of growth from milling itself. Lifting that ceiling was the role Oh'my and the premixes played.

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Notes

  1. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Flour Milling and Beer — a new taste takes root"↩
  2. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Flour Milling and Beer — a new taste takes root"↩
  3. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Flour Milling and Beer — a new taste takes root"↩
  4. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Flour Milling and Beer — a new taste takes root"↩
  5. NIPPN, annual securities report, corporate history section↩
  6. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  7. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Flour Milling and Beer — a new taste takes root"↩
  8. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  9. NIPPN, annual securities report, corporate history section↩
  10. NIPPN, annual securities report, corporate history section↩
  11. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  12. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Food — weeping in the shadow of the war"↩
  13. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Food — weeping in the shadow of the war"↩
  14. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  15. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Food — weeping in the shadow of the war"↩
  16. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Food — weeping in the shadow of the war"↩
  17. 日本産業史 第1巻 (A History of Japanese Industry, vol. 1, Nihon Keizai Shimbun-sha, 1994), "Food — weeping in the shadow of the war"↩
  18. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  19. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  20. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  21. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  22. NIPPN, annual securities report, corporate history section↩
  23. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  24. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  25. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  26. 会社銀行八十年史 (Eighty Years of Companies and Banks, 1955)↩
  27. 証券アナリストジャーナル (Securities Analysts Journal), March 1966, "The Yokohama mill of Nippon Flour Mills"↩
  28. 証券アナリストジャーナル (Securities Analysts Journal), March 1966, "The Yokohama mill of Nippon Flour Mills"↩
  29. 証券アナリストジャーナル (Securities Analysts Journal), March 1966, "The Yokohama mill of Nippon Flour Mills"↩
  30. 証券アナリストジャーナル (Securities Analysts Journal), March 1966, "The Yokohama mill of Nippon Flour Mills"↩
  31. NIPPN, annual securities report, corporate history section↩
  32. NIPPN official website, ニップンの歴史 (The history of NIPPN)↩
  33. NIPPN, annual securities report, corporate history section↩
  34. NIPPN, annual securities report, corporate history section↩
  35. 企業の歴史 明治百年 (Corporate Histories: A Century of Meiji, 1968)↩

References & sources

  1. NIPPN CORPORATION (annual securities reports), including the corporate-history section, together with results briefings, the fact book and the medium-term management plan.
  2. Full Japanese edition, with fuller detail and per-decision pages: the-shashi.com/tse/2001/.

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