Dec. 13, 2017
Transfer of Shares in Taiwan Coil Center Business Company
Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; Representative Director, President and Chief Executive Officer: Kuniharu Nakamura), has transferred 50% of the shares of Mason Metal Industry Co., Ltd. (Head Office: Taoyuan, Taiwan; Chairman: Yoshimitsu Jingu; hereinafter, “Mason Metal”), a company wholly owned by the Sumitomo Corporation Group, to Hsin Kuang Steel Co. Ltd. (Head Office: New Taipei, Taiwan; Chairman: Mingde Su; hereinafter, “Hsin Kuang Steel”), a company engaged in the processing and sale of steel materials in Taiwan.
Mason Metal has been providing coil center services, primarily steel sheet processing, mainly to automotive- and electrical appliance-related industries as the only Japanese coil center in Taiwan since it was established over 27 years ago by Sumitomo Corporation in May 1990.
Hsin Kuang Steel has developed an extensive network with companies in Taiwan, and handles a variety of products, including steel plates, stainless steel, specialty steel, tool steel, steel structures and steel sheets.
By welcoming Hsin Kuang Steel as a new partner, Sumitomo Corporation intends to leverage the two companies’ strengths and pursue synergy in order to enhance Mason Metal’s business foundations built up in the Taiwan market and expand its operations.
|Company name||:||Mason Metal Industry Co., Ltd.|
|Head Office||:||Taoyuan, Taiwan|
|Capital||:||TWD 500 million|
|Shareholder composition||:||Sumitomo Corporation: 50%; Hsin Kuang Steel: 50%|
|Employees||:||97 (as of September 2017)|
|Principal business||:||Coil center (processing and sale of steel materials)|
|Company name||:||Hsin Kuang Steel Co., Ltd.|
|Head Office||:||New Taipei City, Taiwan|
|Capital||:||TWD 2,992 million|
|Principal business||:||Cutting and sale of steel plates, stainless steel, specialty steel, and tool steel|
■Sumitomo Corporation’s Material Issues
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This Project especially contributes to “the Development of Local Communities and Industries”.
Corporate Communications Department,