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                                                                   EXHIBIT 21.01

                         SUBSIDIARIES OF THE REGISTRANT


Nashua Corporation, or one of its wholly-owned subsidiaries, owns beneficially,
directly or indirectly, all of the capital stock in the following subsidiaries:



                                                                    Jurisdiction of
Domestic                                                             Incorporation
- --------                                                            ---------------
                                                                                 
Nashua Belmont Limited (2)                                             Delaware        
Nashua Commercial Products Corporation(1)                              Delaware        
Nashua International, Inc.(1)                                          Delaware        
Nashua Photo European Investments, Inc.(2)                             Delaware        
Nashua Photo Inc.(1)                                                   Delaware        
Nashua Photo International Investments, Inc.(2)                        Delaware        
Nashua Photo Licensing Inc.(2)                                         Delaware        
Nashua P.R., Inc.(1)                                                   Delaware        
Nippon Nashua Incorporated(1)                                          Delaware        
Promolink Corporation(1)                                               Delaware        




                                                                    Jurisdiction of
Foreign                                                              Incorporation
- -------                                                             ---------------
                                                                                      
Nashua Europe B.V. (1)                                                 Netherlands          
Nashua FSC Limited (1)                                                 Jamaica              
Nashua Nederland B.V. (1)                                              Netherlands          
Nashua Photo Limited (2)                                               Canada               
Nashua Photo Limited (2)                                               England              
Postal Film Services (Country-Wide) Limited (3)                        England              




____________________

(1)  Stock held by Nashua Corporation
(2)  Stock held by Nashua Photo Inc.
(3)  Stock held by Nashua Photo Limited (U.K.)


All of the above listed subsidiaries are included in Nashua's consolidated
financial statements.