1 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 - -------- --------------- Cerion Holdings Inc. (1)(5) Delaware Nashua Belmont Limited (2) Delaware Nashua International, Inc. (1) Delaware Nashua Commercial Products Corporation (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 Photo B.V. (2) Netherlands Nashua Photo Limited (2) Canada Nashua Photo Limited (2) England Nashua Photo S.N.C.(3) France Postal Film Services (Country-Wide) Limited (4) England - --------------- All of the above listed subsidiaries are included in Nashua's consolidated financial statements. (1) Stock held by Nashua Corporation (2) Stock held by Nashua Photo Inc. (3) Stock held 50% by Nashua Photo European Investments, Inc. and 50% by Nashua Photo International Investments, Inc. (4) Stock held by Nashua Photo Limited (England) (5) Cerion Holdings Inc. owns 37% of Cerion Technologies Inc., a Delaware Corporation. -44-