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EXHIBIT 21.1
SUBSIDIARIES OF THE ISSUER(9)
Corporate Name Incorporated In Ownership
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Allfax Paper Products, Ltd. England 100%(1)
Allfax UK, Ltd. England 100%(1)
Anillos Plasticos de Mexico Mexico 100%(2)
GBC Australia Pty. Ltd. Australia 100%(3)
GBC Business Equipment, Inc. Florida 100%
GBC Canada, Inc. Canada 100%(3)
GBC Deutschland GmbH Germany 100%
GBC/Fordigraph Pty. Ltd. Australia 100%(4)
GBC France S.A. France 100%(5)
GBC International, Inc. Nevada 100%(6)
GBC Japan K.K. Japan 100%(3)
GBC Metals Corp. Nevada 100%
GBC Nederland B.V. Netherlands 100%(3)
GBC Schweiz A.G. Switzerland 100%(3)
GBC United Kingdom Holdings, Ltd. England 100%(3)
GBC United Kingdom Limited England 100%(1)
General Binding Corporation Italia S.p.A. Italy 100%(3)
Grupo GBC S.A. de C.V. (Mexico) Mexico 100%
Ibico GmbH Switzerland 100%(3)
Ibico Benelux Netherlands 100%(7)
Ibico Canada Canada 100%(2)
Ibico Chile Chile 100%(2)
Ibico England, Ltd. England 100%(7)
Ibico France, S.A. France 100%(7)
Ibico Germany, GmbH Germany 100%(7)
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Corporate Name Incorporated In Ownership
- -------------- --------------- ---------
Ibico Iberia S.A. Spain 100%(7)
Ibico Inc. Illinois 100%(7)
Ibico Italia, S.R.L. Italy 100%(7)
Ibico Portuguesa, Ltd. Portugal 100%(7)
Ibico Singapore Holding, Ltd. Singapore 100%(7)
Ibico Singapore, Ltd. Singapore 100%(8)
Interbinding GmbH Germany 100%(7)
Mirabeau Contract Sales England 100%(1)
PBB&R S.A. de C.V. Mexico 100%(3)
Printing Wire Supplies, Ltd. Ireland 100%(3)
Pro-Tech Engineering Co., Inc. Wisconsin 100%
Sickinger Company Michigan 100%
U.S. Ring Binder Corp. Massachusetts 100%
VeloBind, Incorporated Delaware 100%
Ibico Scandinavia Sweden 75%(7)
GMP Co., Ltd. Korea 33%
(1) Subsidiary of GBC United Kingdom Holdings, Ltd.
(2) Subsidiary of Ibico Inc.
(3) Subsidiary of GBC International, Inc.
(4) Subsidiary of GBC Australia Pty. Ltd.
(5) Subsidiary of GBC Schweiz A.G.
(6) Subsidiary of GBC Business Equipment Inc.
(7) Subsidiary of Ibico GmbH
(8) Subsidiary of Ibico Singapore Holding, Ltd.
(9) Certain insignificant subsidiaries have been excluded from Exhibit No.
21.1 under Rule 1-02(w) of Regulation S-X. These excluded subsidiaries
considered in the aggregate as a single subsidiary would not constitute a
significant subsidiary.