Masayuki Hyodo ([[President (corporate title)|president]] and [[Chief Executive Officer|CEO]])"},"industry":{"wt":"[[Sogo shosha|General trading]]"},"services":{"wt":"[[Metal]]
[[Construction]]
[[Transportation]]
[[Infrastructure]]
[[Chemicals]]
[[Energy]]
[[Mineral resources]]
[[Food]]
[[Consumer Goods]]"},"revenue":{"wt":"{{profit}}$ 32.16 billion [[US dollar|USD]] ([[Fiscal year|FY]] 2013)\n (¥3,317 billion [[Japanese yen|JPY]]) (FY 2013)"},"net_income":{"wt":"{{loss}}$ 2.16 billion USD (FY 2013)\n (¥220.06 billion JPY) (FY 2019)"},"num_employees":{"wt":"72,642 (consolidated as of March 31,2020)"},"area_served":{"wt":"Worldwide"},"owner":{"wt":"[[Sumitomo Group]]"},"homepage":{"wt":"[http://www.sumitomocorp.co.jp/english/ Official website]"},"footnotes":{"wt":"{{cite web |url=http://www.sumitomocorp.co.jp/english/company/about/profile/ |title=Corporate Profile |publisher=Sumitomo Corporation |access-date=September 26,2014}}{{cite web |url=https://www.bloomberg.com/profiles/companies/8053:JP-sumitomo-corp |publisher=[[Bloomberg L.P.]] |title=Company Profile |access-date=September 26,2014}}{{cite web |url=http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=8053:JP |archive-url=https://archive.today/20140926121758/http://investing.businessweek.com/research/stocks/financials/financials.asp?ticker=8053:JP |url-status=dead |archive-date=26 September 2014 |publisher=[[Bloomberg Businessweek]] |title=Company Financials |access-date=September 26,2014}}"},"subsid":{"wt":"[[SCSK]]
[[TBC Corporation]] (50%)"}},"i":0}}]}" id="mwCQ">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}
![]() | |
Native name | 住友商事株式会社 |
---|---|
Romanized name | Sumitomo Shōji kabushiki gaisha |
Company type | Public |
Industry | General trading |
Founded | 24 December 1919 , in Osaka, Japan |
Headquarters | East Tower 3-2 Otemachi 2-chome, Chiyoda-ku, Tokyo, Tokyo 100-8601, Japan |
Area served | Worldwide |
Key people | Kazuo Ohmori (chairman) Masayuki Hyodo (president and CEO) |
Services | Metal Construction Transportation Infrastructure Chemicals Energy Mineral resources Food Consumer Goods |
Revenue | ![]() |
![]() | |
Owner | Sumitomo Group |
Number of employees | 72,642 (consolidated as of March 31, 2020) |
Subsidiaries | SCSK TBC Corporation (50%) |
Website | Official website |
Footnotes /references [1] [2] [3] |
Sumitomo Corporation (Japanese: 住友商事株式会社, Hepburn: Sumitomo Shōji kabushiki gaisha ) 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. [4] [5] Today, the company is one of the top three sōgō shōsha companies in the world.
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. [6]
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. [7] 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. [6]
Sumitomo Corporation was incorporated in December 1919 as The Osaka North Harbour Co., Ltd. to engage in real estate management, land reclamation, land grading, harbor repair construction and related work in the Osaka northern harbor region. In 1944, the company merged with Sumitomo Building Co., Ltd. (established August 1923; capital stock 6.5 million yen) to form Sumitomo Building and Real Estate Co., Ltd. [8]
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. [7] Sumitomo Building transitioned to general trading, looking to handle products from Japan's major manufacturing firms in various industries, and changed its name to Nippon Engineering Co., Ltd. (Nihon Kensetsu Sangyo Kaisha), starting a new existence as a general trading firm with a sales staff of just 32 people. The firm listed its shares on the Osaka, Tokyo and Nagoya Stock Exchanges in 1949. [6] [8]
As regulations on large companies were relaxed in the 1950s, Nippon Engineering resumed closer relations with other Sumitomo Group companies through the "White Water Club" (Hakusui-kai), a coordinating meeting of company presidents. [7] The company began to grow overseas in the 1950s, starting business in Mumbai in 1950 and in New York City in 1952. It changed its name to Sumitomo Shoji Kaisha, Ltd. in 1952. By the 1960s Sumitomo officially aimed to be one of the "Big Three" general trading companies, alongside Mitsubishi and Mitsui. In 1970, Sumitomo established a second head office in Tokyo and merged with Sogo Boeki Co., Ltd. Sumitomo adopted its current English name, Sumitomo Corporation, in 1978. [8] The company's transactional volume increased by a factor of ten from 1955 to 1965, and again by a factor of ten from 1965 to 1975. Like its zaibatsu cohorts Mitsubishi and Mitsui, Sumitomo established a keiretsu business group centered on itself and Sumitomo Bank. [7]
Sumitomo's strategy focused on natural resources through 2014, when the company booked hundreds of billions of yen in losses on tight oil (shale oil) and other energy-related investments. The company's president, Kuniharu Nakamura, attributed these losses to both adverse market factors and Sumitomo's relative inexperience in the field. As a result of these setbacks, Sumitomo was overtaken by Itochu as Japan's third-largest general trading company. Sumitomo announced in 2015 that it would refocus its business on the automotive and infrastructure industries and other non-resource businesses. [9]
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. [10]
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. [11]
Sumitomo is a 50% investor in SES Water, a UK water supply company, together with Osaka Gas. [12]
Sumitomo is a major investor in the Turo car-rental service, and plans to facilitate the service's debut in Japan around 2020. [13]
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. [14]
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 [15] [16] and the production of 30 8-car train sets (240 train cars) for the Metro Manila Subway. [17]
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. [18] [19]
A keiretsu is a set of companies with interlocking business relationships and shareholdings that dominated the Japanese economy in the second half of the 20th century. In the legal sense, it is a type of business group that is in a loosely organized alliance within Japan's business community. It rose up to replace the zaibatsu system that was dissolved in the occupation of Japan following the Second World War. Though their influence has shrunk since the late 20th century, they continue to be important forces in Japan's economy in the early 21st century.
The Nikkei 225, or the Nikkei Stock Average, more commonly called the Nikkei or the Nikkei index, is a stock market index for the Tokyo Stock Exchange (TSE). It is a price-weighted index, operating in the Japanese Yen (JP¥), and its components are reviewed twice a year. The Nikkei 225 measures the performance of 225 highly capitalised and liquid publicly owned companies in Japan from a wide array of industry sectors. Since 2017, the index is calculated every five seconds. It was originally launched by the Tokyo Stock Exchange in 1950, and was taken over by the Nihon Keizai Shimbun newspaper in 1970, when the Tokyo Exchange switched to the Tokyo Stock Price Index (TOPIX), which is weighed by market capitalisation rather than stock prices.
Mitsui Group is a Japanese corporate group and keiretsu that traces its roots to the zaibatsu groups that were dissolved after World War II. Unlike the zaibatsu of the pre-war period, there is no controlling company with regulatory power. Instead, the companies in the group hold shares in each other, but they are limited to exchanging information and coordinating plans through regular meetings.
Itochu Corporation is a Japanese corporation based in Umeda, Kita-ku, Osaka and Aoyama, Minato, Tokyo.
Chūō-ku is one of 24 wards of Osaka, Japan. It has an area of 8.88 km2, and a population of 60,085. It houses Osaka's financial district, as well as the Osaka Prefecture offices and principal shopping and tourist areas.
Mitsubishi Corporation is Japan's largest trading company and a member of the Mitsubishi keiretsu. As of 2022, Mitsubishi Corporation employs over 80,000 people and has ten business segments, including energy, industrial finance, banking, machinery, chemicals, and food.
Sojitz Corporation is a sogo shosha based in Tokyo, Japan. It is engaged in a wide range of businesses globally, including buying, selling, importing, and exporting goods, manufacturing and selling products, providing services, and planning and coordinating projects, in Japan and overseas. Sojitz also invests in various sectors and conducts financing activities. The broad range of sectors in which Sojitz operates includes automobiles, energy, mineral resources, chemicals, foodstuff resources, agricultural and forestry resources, consumer goods, and industrial parks.
Sumitomo Mitsui Financial Group, Inc. (株式会社三井住友フィナンシャルグループ), initialed as SMFG until 2018 and SMBC Group since, is a major Japanese multinational financial services group and holding company. It is the parent of Sumitomo Mitsui Banking Corporation (SMBC), SMBC Trust Bank, and SMBC Nikko Securities. SMBC originates from the 2001 merger of Sumitomo Bank with the Sakura Bank, itself a successor to the Mitsui Bank, and the group holding entity was created in December 2002 after which SMBC became its wholly-owned subsidiary.
The Sumitomo Group is a Japanese corporate group and keiretsu that traces its roots to the zaibatsu groups that were dissolved after World War II. Unlike the zaibatsu of the pre-war period, there is no controlling company with regulatory power. Instead, the companies in the group hold shares in each other, but they are limited to exchanging information and coordinating plans through regular meetings.
The Sumitomo Bank, Limited was a major Japanese bank, founded 1895 in Osaka and a central component of the Sumitomo Group. For much of the 20th century it was one of the largest Japanese banks, together with Dai-Ichi Bank, Mitsubishi Bank, Mitsui Bank, and Yasuda / Fuji Bank. In 1948, it was renamed Osaka Bank, but reverted to Sumitomo Bank in 1952.
Mitsubishi UFJ Financial Group, Inc. is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan. MUFG was created in 2005 by merger between Mitsubishi Tokyo Financial Group and UFJ Holdings. These two groups in turn brought together multiple predecessor banks including Mitsubishi Bank, Yokohama Specie Bank, Sanwa Bank, and Tokai Bank.
Toray Industries, Inc. is a multinational corporation headquartered in Japan that specializes in industrial products centered on technologies in organic synthetic chemistry, polymer chemistry, and biochemistry.
Japan Transport Engineering Company (J-TREC) is a manufacturer of heavy rail cars in Japan, formerly known as Tokyu Car Corporation. The company is based in Kanazawa-ku, Yokohama, and a member of East Japan Railway Company group. J-TREC manufactures rail vehicles not only for JR East and Tokyu Corporation but for other Japanese operators, including various Japan Railways Group companies and international operators as well.
Sumitomo Realty & Development Co., Ltd. is a Japanese real estate development company headquartered in Shinjuku, Tokyo. It is a member of the Sumitomo Group.
Sogo shosha are Japanese wholesale companies that trade in a wide range of products and materials. In addition to acting as intermediaries, sōgō shōsha also engage in logistics, plant development and other services, as well as international resource exploration. Unlike trading companies in other countries, which are generally specialized in certain types of products, sōgō shōsha have extremely diversified business lines, in which respect the business model is unique to Japan.
Sumitomo Heavy Industries, Ltd. (SHI) is an integrated manufacturer of industrial machinery, automatic weaponry, ships, bridges and steel structure, equipment for environmental protection, including recycling, power transmission equipment, plastic molding machines, laser processing systems, particle accelerators, material handling systems, cancer diagnostic and treatment equipment and others.
MinebeaMitsumi, Inc. is a Japanese multinational manufacturer of mechanical components and electronic devices. The company's headquarters are located in Higashi-Shinbashi, Minato, Tokyo, and its registered office is located in Miyota, Nagano.
SBI Holdings, sometimes referred to as Strategic Business Innovator Group, is a financial services company group based in Tokyo, Japan. The group's businesses and companies are held primarily at SBI Holdings.
Sumitomo Mitsui Trust Holdings, Inc., formerly Chuo Mitsui Trust Holdings, Inc., is a Japanese financial holding company headquartered in Chiyoda, Tokyo. It provides an assortment of financial products to retail and wholesale customers, with a focus on asset management, financial brokerage, and real estate services.
Mitsui Bank, Ltd. was a major Japanese bank from 1876 to 1990. The home bank of the Mitsui conglomerate, it was one of the largest Japanese banks for much of the 20th century, together with Dai-Ichi Bank, Mitsubishi Bank, Sumitomo Bank, and Yasuda / Fuji Bank. In 1943 it merged with Dai-Ichi Bank to form Teikoku Bank. In 1948, Dai-Ichi Bank was spun off again from Teikoku, which changed its name back to Mitsui Bank in 1954.