KURIYAMA HOLDINGS CORPORATION
3355・Standard Market・Wholesale Trade
Business
Kuriyama Holdings, founded in 1939, is a pure holding company with approximately 85 years of history. It operates a Global Hose Business that manufactures and sells industrial hoses and couplings primarily in North America, an Asia Industrial Materials Business that handles industrial rubber and resin products for agricultural and construction machinery as well as urea SCR-related products domestically, and a flooring business serving sports and construction facilities. The company has 23 consolidated subsidiaries and 5 equity-method affiliates, and has established a locally-produced, locally-consumed manufacturing and sales system across multiple regions including North America, Europe, South America, Oceania, and Asia. Its major customers span a wide range, including agricultural and construction machinery manufacturers, major beverage companies, fire departments, and railway, educational, and commercial facilities. Consolidated net sales for FY2025 (ending March 2025) were ¥88,685 million.
Business Model
In the North America Business, manufacturing subsidiaries in the US and Canada produce industrial hoses locally, which are supplied across North America through sales subsidiaries, adopting a vertically integrated model. In the Asia Business, trading functions serve as the core, combined with manufacturing capabilities from group companies such as Mitoyo Co., Ltd., to supply urea SCR modules and tanks to agricultural and construction machinery manufacturers. The Sports & Construction Materials Business handles everything through installation and construction work. In Europe and South America, the company leverages market advantages from local production for local consumption to secure share in the fire-fighting and agricultural sectors.
Company Strengths
The North America Business generated sales of ¥45,271 million, accounting for approximately 51% of the group's total and making it the largest segment. It has multiple manufacturing subsidiaries in the United States and Canada, and relocated and expanded its Canadian logistics warehouse in April 2025. It captures a broad range of demand through a diverse product lineup including beverage hoses, rubber hoses for oil and gas, and fire hoses.
In April 2025, Mitoyo Co., Ltd. (including four companies in Thailand and China) was brought into the group, and production performance in the Industrial Materials Business achieved a 189.0% year-on-year increase. In-house manufacturing of urea SCR modules and tanks, among other products, has progressed, directly strengthening the company's position as a global Tier 1 supplier to agricultural and construction machinery manufacturers. Sales reached ¥26,179 million (up 58.0% year on year).
The company operates across five regions—North America, Asia, Europe, South America, and Oceania—serving diverse end markets including agricultural and construction machinery, beverages, firefighting, railways, and educational facilities. By diversifying dependence on specific regions and customers, consolidated sales for FY2025 (ending March 2025) reached ¥88,685 million, achieving growth of 49.0% compared with FY2021 (ending March 2021).
ENVALITH's Perspective
Performance Trend
Revenue increased 49% over five years from ¥59,549 million in FY2021 to ¥88,686 million in FY2025, and growth accelerated further in Q1 of FY2026 (ending December 2026), up +24.2% year on year. The main drivers were the effect of the Mitoyo Group consolidation (Asia industrial materials business up +87.2%) and the effect of yen depreciation (North America Business up +8.0%). On the other hand, operating margin has continued its downward trend, falling from 7.2% in FY2021 to 4.6% in FY2025, and deteriorated further to 4.96% in Q1 of FY2026 (down from 7.14% in the same period of the previous year). Profitability was squeezed by increased logistics infrastructure expansion costs in the North America Business, the application of hyperinflation accounting in Argentina within the Europe & South America Business, and an increase in company-wide expenses (¥515 million, up +25% year on year). As external factors, US tariff policy, surging crude oil prices, and rising energy costs in Europe continue to be sources of uncertainty.
Growth Strategy
Under KMP ACTION 1, the company aims to become the world's No. 1 in industrial materials through M&A, local production for local consumption, and logistics optimization
In April 2025, the company brought Mitoyo Co., Ltd. into the group, internalizing manufacturing functions for urea SCR modules and tanks and other products. In Q1 of FY2026 (ending December 2026), the Asia Industrial Materials Business achieved net sales of ¥7,785 million (up 87.2% year on year) and operating profit of ¥758 million (up 74.8% year on year), delivering a substantial contribution to results, with the effects of strengthened manufacturing capabilities now becoming apparent.
The company is advancing the expansion and optimization of logistics bases in North America. Currently in an investment phase, increased costs are weighing on profit (operating profit down 42.0% in Q1 of FY2026, ending December 2026), but a recovery in profitability is expected once cost normalization occurs following the completion of infrastructure development, alongside expanded sales opportunities. In parallel, the company is also promoting local production for local consumption through the establishment of new manufacturing lines in the United States and Canada.
Based on a resolution at the 86th Ordinary General Meeting of Shareholders held on March 25, 2026, the company introduced a Board Benefit Trust (BBT) for group officers. Points are awarded according to position and level of performance achievement, raising awareness of contribution to medium- to long-term performance improvement and enhancement of corporate value. The trust has already acquired 549,000 shares of the company's stock (book value of ¥642 million for 448,800 shares as of the end of Q1).
The company is strengthening collaboration between its Europe Business and North America Business, aiming to improve group-wide production utilization rates by increasing sales of fire hoses to U.S. fire departments. In Q1 of FY2026 (ending December 2026), the Europe, South America & Oceania Business achieved net sales of ¥1,884 million (up 13.8% year on year), an increase in sales. However, the application of hyperinflation accounting in Argentina continues to be a factor pressuring profit downward.
Last updated: July 17, 2026