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Business

Rift between Japanese paper companies widens

Daio cuts off tech tie-up with top shareholder Hokuetsu Kishu

TOKYO -- Daio Paper moved Wednesday to end its technological cooperation with top shareholder Hokuetsu Kishu Paper, but the announcement provoked a backlash as the partner said it had no say in the decision.

The technology partnership between the Japanese companies will terminate Nov. 14 when the agreed-upon five-year term concludes, Daio said, adding that it had notified Hokuetsu Kishu of the decision. Daio also said an outside director from Hokuetsu Kishu will be replaced after a general shareholders meeting at the end of June. 

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