Sumitomo : Acquisition of Sumitomo Precision Products shares and conclusion of capital/business tie-up agreement
May 09, 2017 at 02:40 am EDT
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Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President and Chief Executive Officer: Kuniharu Nakamura) previously announced that it would be accepting the transfer of shares (26.08%) in Sumitomo Precision Products Co., Ltd. (Head Office: Amagasaki, Hyogo Prefecture; President: Shinichi Miki; hereinafter, 'SPP'), from Nippon Steel & Sumitomo Metal Corporation (Head Office: Chiyoda-ku, Tokyo; President: Kosei Shindo), and the acquisition of these shares was completed on May 9. Sumitomo Corporation now holds a 27.75% share in SPP, making it the largest single shareholder. SPP will become an equity-method affiliate of Sumitomo Corporation.
Sumitomo Corporation has accordingly concluded a capital/business tie-up agreement with SPP aimed at supporting the structural reform plan and medium-term management plan currently being considered/implemented by SPP, on expanding sales of aerospace products and heat exchangers, and achieving other aims. The Sumitomo Corporation Group will be pursuing synergy in these areas of collaboration in order to further expand these businesses, and to help maximize SPP's corporate value.
Sumitomo Corporation published this content on 09 May 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 May 2017 06:40:12 UTC.
Original documenthttp://www.sumitomocorp.co.jp/english/news/detail/id=29980
Public permalinkhttp://www.publicnow.com/view/D3DBE2BCFE2BDE21891B1A8F8115BD58936C71E9
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
