Who Owns Sailor and Pentel? The PLUS Group Explained
PLUS Corporation of Tokyo owns both. It became Sailor's parent on May 23, 2022 with 57.88% of the votes, and made Pentel a subsidiary in November 2022 by buying KOKUYO's 45.6% stake, reaching 76.3%. On April 1, 2026 Pentel Co., Ltd. was renamed ASTRUM Corporation; Pentel stays the brand.
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Key takeaways
- PLUS began in February 1948 as Chiyoda Bungu, a merger of two Tokyo office-supply wholesalers, took the PLUS name in May 1959 and reported 2025 group sales of 241.8 billion yen (about US$1.5 billion).
- Sailor sold PLUS 2.1 million new shares on May 22, 2018 and a 2.0 billion yen (about US$12.7 million) convertible bond on July 13, 2020; converting it on May 23, 2022 lifted PLUS from 14.41% to 57.88% of the votes.
- KOKUYO built a 37.8% Pentel stake in 2019 and offered 3,500 yen (about US$22) a share for a majority; PLUS's JSC vehicle bought about 30% from some 200 shareholders and blocked it by December 13, 2019.
- On September 30, 2022 PLUS agreed to buy all 4,106,649 KOKUYO-held Pentel shares (45.6%), taking the group to 6,869,217 shares, or 76.3%.
- PLUS's March 17, 2026 release renamed Pentel ASTRUM Corporation from April 1, 2026 and plans to merge the group's stationery companies step by step by 2028; Sailor stays a separate listed company.
Sailor, the fountain-pen maker from Kure, and Pentel, the maker of the EnerGel and the Sign Pen, now answer to the same Tokyo company: PLUS Corporation, which most Japanese know for office furniture, scissors and correction tape. Below is how PLUS took control of each, with the dates, stakes and prices from the companies’ own Japanese filings and releases, and what has changed since.
Who owns Sailor and Pentel?
PLUS Corporation owns both: Sailor since May 23, 2022, with 57.88% of the votes, and Pentel since November 2022, with 76.3%. Pentel’s company was renamed ASTRUM Corporation on April 1, 2026, but Pentel remains the brand on the pens.
Sailor’s extraordinary report to Japan’s regulator, filed on May 30, 2022, names PLUS as its new parent company from May 23, 2022. PLUS’s group chart still shows 57.9% of Sailor’s votes, and Sailor’s half-year report lists PLUS with 57.81% of its shares at June 30, 2026. Sailor stays listed on the Tokyo Stock Exchange’s Standard market.
For Pentel, PLUS’s company history records “ぺんてる（株）を子会社化” (Pentel made a subsidiary) in November 2022. Pentel’s own notice of September 30, 2022 says that after the transfer PLUS and its subsidiary would hold 6,869,217 shares, 76.3% of the total. PLUS doesn’t give an exact day in November.
Our ownership overview lists the other parent companies.
When did each step happen?
The deals took four years, from a small Sailor stake in 2018 to two takeovers in 2022, followed by the rename in 2026. Every row comes from a PLUS, Sailor, Pentel or KOKUYO document.
| Date | Event | Source |
|---|---|---|
| February 1948 | Chiyoda Bungu is founded in Tokyo | PLUS history |
| May 1959 | Chiyoda Bungu becomes PLUS Corporation | PLUS history |
| April 27, 2018 | Sailor and PLUS sign a business and capital alliance | Sailor filing, 2020 |
| May 22, 2018 | PLUS takes 2,100,000 new Sailor shares and becomes its largest shareholder | Sailor filing, 2020 |
| January 2019 | Apica and Kyokuto Associates merge as Nippon Note, a PLUS company | PLUS history |
| May 10 and September 24, 2019 | KOKUYO invests in a fund holding Pentel shares, then takes 3,370,563 shares directly | KOKUYO disclosure |
| November 15, 2019 | KOKUYO says it will buy a majority of Pentel at 3,500 yen a share | KOKUYO disclosure |
| December 13, 2019 | Pentel and PLUS say PLUS’s vehicle bought about 30% and the bid has failed | Pentel and PLUS notices |
| July 13, 2020 | Sailor issues a 2.0 billion yen convertible bond to PLUS | Sailor filing, 2020 |
| May 23, 2022 | PLUS converts the bond and becomes Sailor’s parent (57.88%) | Sailor filing, 2022 |
| September 30, 2022 | PLUS agrees to buy all of KOKUYO’s 45.6% of Pentel | PLUS and Pentel notices |
| November 2022 | Pentel becomes a PLUS subsidiary | PLUS history |
| April 1, 2026 | Pentel Co., Ltd. is renamed ASTRUM Corporation | PLUS release |
How did PLUS take over Sailor?
PLUS bought into Sailor in 2018, lent it money through a convertible bond in 2020 and converted the bond in 2022. Sailor’s securities registration statement of June 2020 tells the story from Sailor’s side.
Sailor had made consolidated net losses for nine years in a row from 2007, and new management cut unprofitable lines from 2015. On April 27, 2018 it signed an alliance with PLUS to sell more fountain pens and premium ballpoints, gain cheaper pens for a mass market and use PLUS’s sales channels abroad. On May 22, 2018 PLUS took 2,100,000 new shares and became Sailor’s largest shareholder.
The July 2018 floods in western Japan then shut Sailor’s Tenno factory in Kure for about three weeks. To fund a new factory building and other investment, Sailor issued a 2.0 billion yen (about US$12.7 million) subordinated convertible bond to PLUS on July 13, 2020, convertible at 133 yen a share.
Converted in full, it would give PLUS 15,037,593 more shares, and the filing warned this meant dilution of about 103%. PLUS agreed in writing to hold the shares for the long term.
PLUS converted on May 23, 2022, and its votes rose from 21,000 (14.41%) to 171,375 (57.88%). Sailor kept its listing.
Its latest half-year report notes continuing operating losses and says PLUS has promised emergency financial support if needed. Sailor’s guides include the Pro Gear Slim and the Shikiori Yama-dori ink.
What happened between KOKUYO and Pentel?
KOKUYO, the maker of Campus notebooks, tried to take over Pentel in late 2019; Pentel brought in PLUS, and KOKUYO failed to win a majority. The fight was over shares in an unlisted company, so it played out in releases rather than a public tender offer.
KOKUYO’s TDnet disclosure of November 15, 2019 says it had taken Pentel shares through a fund (announced May 10, 2019) and then directly (September 24, 2019), giving it 37.80%. It accused Pentel’s management of stalling talks while arranging a large alliance with a third party. KOKUYO said it would buy shares from other holders at 3,500 yen (about US$22) each until it held more than 50%, between November 15 and December 15, 2019.
Pentel and PLUS answered with Japan Stationery Consortium (JSC), a company PLUS set up. On December 13, 2019, both said some 200 Pentel shareholders, about 30% of the shares, had sold to JSC, so supporters of Pentel’s management held well over 50%.
Pentel said KOKUYO expected to hold 45.66% after its purchases, against 37.45% in its own name, and that Pentel would not approve the transfers to KOKUYO. Pentel’s shares are not listed, and its board must approve each transfer.
The deadlock lasted almost three years. On September 30, 2022, Pentel said its share register showed KOKUYO with 3,370,563 shares (37.5%), and that it would now approve the other 736,086 shares KOKUYO had bought.
KOKUYO then sold all 4,106,649 shares (45.6%) to PLUS. Pentel also signed an overseas sales alliance with KOKUYO. KOKUYO’s and Pentel’s percentages differ slightly in 2019 (37.80% against 37.45%); we give each as its own document states.
Why is Pentel now called ASTRUM?
PLUS renamed Pentel Co., Ltd. ASTRUM Corporation on April 1, 2026 to make it the base for merging the group’s stationery businesses by 2028. PLUS’s release of March 17, 2026 lists what will be combined step by step: PLUS’s own Stationery Company, Pentel, Nippon Note (the maker of Apica notebooks) and their subsidiaries at home and abroad.
“Astrum” is Latin for a star or heavenly body. ASTRUM keeps Pentel’s head office in Nihonbashi Koami-cho, Tokyo, and its 1946 founding date, and it reported 2025 consolidated sales of 46,577 million yen (about US$295 million), 72.4% of them outside Japan.
In 2022, Pentel’s notice had promised no change to its company name, brands or product names. In the event, only the company name changed.
Sailor is left out of the merger. PLUS says it will keep running as an independent listed company. The first product from all three makers is the Que Será ballpoint, launched in February 2026 with ink the three developed together, according to Sailor’s half-year report.
What is PLUS, and what does it make?
PLUS is a privately held Tokyo company that sells office furniture, office supplies and stationery; it had 2025 consolidated sales of 241.8 billion yen (about US$1.5 billion) and 7,994 staff. Its history says it began as a stationery wholesaler and turned itself into a manufacturer with its own factories.
- Origins: Chiyoda Bungu was formed in February 1948 when Imaizumi Shoten and Suzuki Shoten merged, and took the name PLUS in May 1959. The 2020 Sailor filing lists I&I Co., Ltd. and members of the Imaizumi family as PLUS’s main shareholders.
- Delivery: PLUS started the ASKUL next-day office-supply delivery business in March 1993 and set up ASKUL Corporation in May 1997.
- Scissors: fitcut CURVE scissors went on sale on January 12, 2012. PLUS says the series passed 42 million units by March 2023.
- Correction tape: PLUS sells WHIPER correction tape; in February 2023 it added a paper-cased version listed at 275 yen (about US$1.70) that uses about 40% less plastic than its WHIPER Petit.
How did Sailor and Pentel start?
Sailor dates from February 11, 1911 in Kure, and Pentel from 1946 in Tokyo. Both histories come from the makers’ Japanese sites.
Sailor’s history says Kyugoro Sakata began making Japan’s first domestic 14-karat gold fountain-pen nibs in Kure that year. The company was incorporated in August 1932 and took the name The Sailor Pen Co., Ltd. in May 1960.
Pentel began in 1946 as Dainippon Bungu (大日本文具), making ink sticks, crayons and paints, and took the name Pentel in 1971. Its timeline includes the Sign Pen in 1963, the EnerGel in 2001 and the Orenz in 2014. Our story on Japan’s stationery industry places these makers in context, and the LAMY story covers another Japanese takeover.
Frequently asked questions
What is Japan Stationery Consortium?
A company PLUS set up in 2019 to back Pentel's management against KOKUYO's bid. By December 13, 2019 it had bought about 30% of Pentel's shares from some 200 shareholders.
Is Pentel still called Pentel?
The brand is. The company, Pentel Co., Ltd., became ASTRUM Corporation on April 1, 2026, according to PLUS's March 17, 2026 release, which says ASTRUM will keep selling worldwide under the Pentel brand. ASTRUM's site says no other group company names will change.
Who owns Sailor fountain pens?
PLUS Corporation is Sailor's parent company. Sailor's EDINET filing of May 30, 2022 says PLUS became its parent on May 23, 2022 with 57.88% of the votes. Sailor's half-year report lists PLUS with 57.81% of its shares at June 30, 2026, and Sailor is still listed in Tokyo.
Did KOKUYO ever own Pentel?
No, only a minority. KOKUYO held 37.8% from 2019 and tried to buy a majority in November 2019, offering 3,500 yen (about US$22) a share. Pentel and PLUS said the bid had failed by December 13, 2019. KOKUYO sold its whole 45.6% claim to PLUS in 2022.
Are Sailor and Pentel merging?
No. PLUS plans to merge its own stationery company, Pentel (now ASTRUM) and Nippon Note step by step by 2028, but its March 17, 2026 release says Sailor will keep running as an independent listed company.
When was PLUS founded?
PLUS's company history says it began in February 1948 as Chiyoda Bungu (千代田文具), formed when two Tokyo office-supply wholesalers, Imaizumi Shoten and Suzuki Shoten, merged. It took the name PLUS Corporation in May 1959.
What does PLUS make besides pens?
PLUS sells office furniture and office supplies as well as stationery. Its own products include WHIPER correction tape and fitcut CURVE scissors, which PLUS says have sold more than 42 million since January 2012. It also started the ASKUL office-supply delivery business in 1993.
Did Sailor or Pentel change their pens after the takeover?
The ranges continue under their own names. The first joint product from all three makers is the Que Será ballpoint, launched in February 2026 with ink developed by PLUS, ASTRUM and Sailor, according to Sailor's half-year report.
Sources
- PLUS Corporation (Japanese): 沿革・年代別トピックス (company history, 1948–2025)
- PLUS Corporation (Japanese): 会社概要 (company data, 2025 sales and staff)
- PLUS Corporation (Japanese): グループ構成図 (group chart with voting stakes in ASTRUM, Sailor and Nippon Note)
- PLUS Corporation (Japanese): コクヨ株式会社保有のぺんてる株式会社株式の譲受に関するお知らせ, September 30, 2022
- PLUS Corporation (Japanese): プラスグループのステーショナリー事業の段階的統合及び連結子会社の商号変更に関するお知らせ, March 17, 2026
- PLUS Corporation (Japanese): ぺんてる株式会社株式の買受けの結果に関するお知らせ, December 13, 2019
- Pentel (Japanese): ぺんてる株式会社の株式の買受けの結果に関するお知らせ, December 13, 2019
- Pentel (Japanese): 当社株主変更に関するお知らせ, September 30, 2022
- Pentel (Japanese): ぺんてるのあゆみ (company and product history, 1946–2024)
- ASTRUM Corporation (Japanese): 企業情報 (company information, 2025 sales)
- KOKUYO (Japanese): 持分法適用関連会社の異動（連結子会社化）に関するお知らせ, TDnet disclosure, November 15, 2019 (PDF)
- Sailor Pen (Japanese): 臨時報告書 on change of parent company, filed May 30, 2022 (EDINET PDF)
- Sailor Pen (Japanese): 有価証券届出書 for the convertible bond allotted to PLUS, filed June 23, 2020 (EDINET PDF)
- Sailor Pen (Japanese): 第114期 半期報告書 (half-year report to June 30, 2026, filed August 7, 2026; major shareholders)
- Sailor Pen (Japanese): 沿革 (company history)
- Sailor Pen (Japanese): 会社概要 (company outline: founded February 11, 1911)
- PLUS Corporation (Japanese): 家庭用はさみ「フィットカット カーブ」を新発売, December 14, 2011
- PLUS Corporation (Japanese): 「フィットカットカーブ 大型タイプ」を発売, April 2023 (42 million sold)
- PLUS Corporation (Japanese): COE365 series 2 with paper-case WHIPER correction tape, February 2023