Japan’s Paper Industry Is In Severe Decline
The paper industry has been shrinking at -1.5% per year (CAGR) since 2010, as the digital age, accelerated by the Covid-19 pandemic, takes off
Sanitary paper and containerboard are the only paper products which have grown
Hokuetsu’s Business is Heavily Weighted to Paper Pulp Prices
Mr. Kishimoto led the Company’s focus on the declining paper business, missing substantial opportunities in the renewable energy business
Hokuetsu’s Management Have Had an Inconsistent Strategy
Employees are Paying the Cost
Employee Salaries Have Decreased Over Mr. Kishimoto’s Tenure
During Mr. Kishimoto’s tenure as CEO, the salary of Hokuetsu employees decreased by -9%
