News Release (Sumitomo Corp.)
Jan. 26, 2010
Sumitomo Corporation establishes an agricultural chemical sales company in Mexico
Sumitomo Corporation (SC) (President and CEO: Susumu Kato; Head Office: Chuo-ku, Tokyo, Japan) has established Summit Agro Mexico S.A. de C.V. (Head Office: Mexico City, Mexico), the corporation's fifth agricultural chemical sales company in the Americas. SC has been expanding its end-user sales network for agricultural chemicals in Europe, Asia, South America, Australia and South Africa as part of its downstream strategy, and now has sales bases in 21 countries.
Mexico has a population of 100 million, the second largest in Latin America after Brazil. Though its economic growth has slowed temporarily due to the global economic downturn following the financial crisis, its exports to North America and other parts of the world expanded after NAFTA (North American Free Trade Agreement) was signed, and the market still has high potential for continued economic growth.
Mexico is gaining importance as a food supplier for North America: agricultural exports to the U.S. have grown 9% a year since NAFTA came into effect. The conclusion of the EPA Mexico-Japan agreement (effective from April 2005) also boosted agricultural exports to Japan. As a result, Mexico's agricultural market has grown 12.4% a year during the past five years, to about 814 million dollars (world's 15th largest) in 2008, and is expected to continue to grow.
Summit Agro Mexico mainly deals in specialty agricultural chemicals produced by Japanese manufacturers (herbicides, insecticides, fungicides, etc.) for local distributors in Mexico, and aims to achieve sales of 15 million dollars in 5 years.
Corporate profile of Summit Agro Mexico S.A. de C.V.
Name: Summit Agro Mexico S.A. de C.V.
Head office : Mexico City, Mexico
Capital composition: 100% by Sumitomo Corporation Group
Number of employees: 17
Business description: Sales of agricultural chemicals in Mexico
Corporate Communications Department, Sumitomo Corporation
TEL: +81-3-5166-3100 E-mail: firstname.lastname@example.org
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