.
                                                                               .
                                                                               .

                                                                   EXHIBIT 21.01

                       SUBSIDIARIES OF NASHUA CORPORATION



DOMESTIC                                      INCORPORATED
                                           
Nashua International, Inc.                      Delaware
Nashua Photo Inc.                               Delaware
Nashua P.R., Inc.                               Delaware




FOREIGN                                       INCORPORATED
                                           
Nashua FSC Limited (1)                          Jamaica


-------------------
(1) In liquidation.