is one of the largest worldwide sōgō shōsha general trading companies, and is a diversified corporation. The company was incorporated in 1919 and is a member company of the Sumitomo Group.

It is listed on three Japanese stock exchanges (Tokyo, Nagoya and Fukuoka) and is a constituent of the TOPIX and Nikkei 225 stock indices. Today, the company is one of the top three sōgō shōsha companies in the world.

History

The Sumitomo Group, of which Sumitomo Corporation is a key member, dates to the 17th century establishment of a book and medicine shop in Kyoto by Masatomo Sumitomo. Sumitomo's brother-in-law Riemon Soga developed a technology to extract silver from copper, and Soga's son (who married Sumitomo's daughter) Tomomochi Sumitomo expanded this smelting business to Osaka. From this start, the Sumitomo family expanded its business into copper mining (the Besshi copper mine), followed by textiles, sugar and medicine trading.

The Sumitomo family was close to the Tokugawa shogunate throughout the Edo period. During the 1860s, this relationship became a liability for the firm as the Tokugawa clan warred with rivals in western Japan. Following the Tokugawas' defeat, Sumitomo was almost ruined and under pressure to sell the Besshi mine, which by that point was nearly unworkable. However, Sumitomo kept the mine and improved its output through adoption of new Western techniques. During the rapid westernization of Japan in ensuing decades, Sumitomo started various new trading, manufacturing and financing businesses, becoming one of the major zaibatsu of early 20th century Japan.

Sumitomo was integral to Imperial Japan's war machine during World War II, but the war destroyed most of Sumitomo's industrial infrastructure within Japan. The ensuing Allied occupation led to the forced breakup of the largest Japanese companies, including Sumitomo, and transfer of Japanese industrial assets as part of reparations.

Berkshire Hathaway acquired over 5% of the stock in the company, along with four other Japanese trading houses, over the 12-month period ending in August 2020.

Projects and investments

One of Sumitomo's largest investments is in the Ambatovy nickel mining project in Madagascar, where it had invested approximately $2.4 billion as of 2015 in a joint venture with Korea Resources and others.

Sumitomo is a 50% investor in SES Water, a UK water supply company, together with Osaka Gas.

Sumitomo is a major investor in the Turo car-rental service, and plans to facilitate the service's debut in Japan around 2020.

Sumitomo, along with Mitsubishi Heavy Industries, worked with the Department of Transportation of the Philippines for the rehabilitation of the MRT Line 3 in Manila from 2019 to 2021. Sumitomo previously maintained the line from 2000 to 2012, until the line was seen to be deteriorated in the following years due to poor maintenance.

Sumitomo is in a joint venture with the Japan Transport Engineering Company (J-TREC) for the production of a total of 51 commuter train sets (408 cars) in two separate contracts for the Philippine National Railways North–South Commuter Railway and the production of 30 8-car train sets (240 train cars) for the Metro Manila Subway.

Sumitomo is an investor in LRT Line 1 operator Light Rail Manila Corporation, a railway consortium composed of Metro Pacific Investments Corporation, Ayala Corporation, and Macquarie Infrastructure Holdings (Philippines) PTE Ltd. since May 2020.

Subsidiaries and joint ventures

  • Aimo Park
  • Aimo Solution
  • Bluewell Insurance
  • Cantex
  • Clickstream Capital
  • Compañía Minera Quebrada Blanca (30% share)
  • Crunchyroll SC Anime Fund (anime production joint venture with Crunchyroll)
  • Fyffes
  • Global Partnership for Ethiopia (27.2% share)
  • GTS Rail Operations (17.5% share)
  • Kiriu Corporation
  • Minera Ojos del Salado (20% share)
  • New Zealand Aluminium Smelters Limited (20.64% share)
  • Sumitomo Corporation Equity Asia Limited
  • Sumitomo Corporation Global Commodities (London & Singapore)
  • Sumitomo Forestry NZ Limited
  • Summit Fresh Foods New Zealand Limited
  • Sumitomo Electric Egypt
  • Sumitomo Wiring Systems Ltd.
  • Summit Biotech
  • Summit Forests New Zealand Limited
  • TBC Corporation (50% share) (Big O Tires, Midas International, LLC.)

Former subsidiaries and joint ventures

  • Pet product maker Hartz Mountain Corporation was acquired from J.W. Childs in 2004, but 51% was sold to Unicharm in December 2011.
  • SCM Sierra Gorda, 13.5% of shares until 2021.
  • Speewah Fluorite Project in Western Australia, in partnership with Tivan.

Shareholders

  • Sumitomo Life Insurance Co.
  • Sumitomo Mitsui Banking Corporation
  • The Bank of Tokyo-Mitsubishi UFJ, Ltd.
  • The Sumitomo Trust and Banking Co., Ltd.
  • Japan Trustee Services Bank, Ltd.
  • Mitsui Sumitomo Insurance Group Holdings, Inc.
  • NEC Corporation
  • Mitsubishi UFJ Trust and Banking Corporation
  • The Dai-ichi Mutual Life Insurance Company
  • SKY Perfect JSAT Group
  • Berkshire Hathaway

References

  • Sumitomo Corporation HQ
  • Sumitomo Corporation USA HQ
  • Sumitomo Corporation EU HQ
  • Sumitomo Group Companies Lists
  • Sumitomo Group Public Affairs

Trading

  • CFTC – Sumitomo's Copper Trader's Arrangements