Japan Nippon Paper to dissolve housing subsidiary by the end of January 2006

Jan 16, 2006. /Lesprom Network/. Japanese pulp and paper manufacturer Nippon Paper will dissolve its housing subsidiary Daishowa Housing at the end of January 2006, the company said on January 16, 2006. Established in 1971, Daishowa Housing reported a registered capital of JPY 490 million ($4.0 million) and an asset totalling JPY 35 million ($292 000) at the end of 2005. The company has pulled out of its operations due to the sluggish sales. The closure of the subsidiary will not affect Nippon Paper's forecast for fiscal 2005-2006, ending March 31, 2006, the company added.