Container Factory of Oji Holdings Corporation in Japan - Photo by the Company

JAKARTA (TheInsiderStories) – PT Purinusa Ekapersada, unit of Indonesian conglomeration firm Sinar Mas Group, set up new corrugated container factory in Bekasi with Japan’ Oji Holdings Corporation. The project need costs around JPY4 billion (US$453.60 million) in two years period.

Based on Oji statements on Dec.10, both companies will set up PT Oji Sinarmas, where Purinusa will hold 45 percent shares in the joint venture company, while Oji to own the majority stakes 55 percent.

The plant will produce 5,000 ton of corrugated container per year. The factory its expecting to start the production in January 2020.

“Indonesian corrugated container market is expected to grow continuously. Together with Purinusa, we are targeting to supply corrugated container to the increasing local Japanese companies,” said the director of board, GM of Overseas Business Department Akio Hasebe in a written statement.

The Oji Group has major business lines of the company are industrial materials, household and consumer products, functional materials, forest resources and environment marketing, plumber and communications media and others.

While Sinar Mas continues expand their businesses to various sectors to grab the growing market in Indonesia and abroad. The group is a brand of companies, active in six business pillars such as Pulp & Paper, Agri-business & Food, Financial Services, Developer & Real Estate, Communications & Technology and in Energy & Infrastructure.

Sinar Mas founded by Eka Tjipta Widjaja in 1962. He established the company that exported natural products and imported textiles. Since the new order period, Widjaja’s company had never fallen again and is still expanding until now.

One of his sons from another wife, Oei Hong Leong, was listed as one of the richest men in Singapore according to a 2013 Forbes rich list, with $745 million in wealth.

US$1: JPY113.46