May 09, 2017
Acquisition of Sumitomo Precision Products shares and conclusion of capital/business tie-up agreement
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.
Corporate Communications Department,