Jun 22, 2010. /Lesprom Network/. Nippon Paper Group plans to acquire shares of Lee & Man Paper Manufacturing Limited (L&M), China's second largest manufacturer of corrugated board and carton boxes on June 30, as Dow Jones reported. The move is the latest by Nippon Paper, Japan's second-largest papermaker by sales, to take advantage of a strong yen to buy stakes in foreign companies. Japanese companies, especially those heavily dependent on domestic demand, have been keen to grow outside of the home market, where an aging population is shrinking their customer base. L&M is currently the second largest linerboard manufacturer in China. L&M, established in 1994, has grown rapidly to be the world’s pre-eminent linerboard maker with annual production capacity of more than 4 million tons.