Sumitomo Group

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Sumitomo Group (住友グループ Sumitomo Gurūpu?) is one of the largest Japanese keiretsu, founded by Masatomo Sumitomo.

History[edit]

Igeta mark
Igeta mark

The Sumitomo group traces its roots to a bookshop in Kyoto founded circa 1615 by a former buddhist priest, Masatomo Sumitomo.[1] Considered its spiritual founder, even today management of the group is guided by his "Founder's Precepts", written in the 17th century.[1]

It was copper that made the company famous. Riemon Soga, Masatomo Sumitomo's brother-in-law, learned Western methods of copper refining. In 1590 he established a smelting business named Izumiya, literally meaning "spring shop".[1] The advanced techniques, which Riemon perfected, allowed the extraction of silver from copper ore, something which Japanese technology had as yet been unable to accomplish.[1]

The smelting and smithing business, which was begun in Kyoto, was moved to Osaka by the late 17th century.[1] and Soga passed control of the company to his son Tomomochi who managed its transformation into a major trading house[2] during the Edo period[3] Sumitomo began to export copper,[4] import silk,[4] and provide financial services.[5] By 1691 copper mining had been added to the portfolio.[6][7][8]

The Meiji Restoration allowed Sumitomo to import and utilize Western machines and techniques in its mines.[6] Sumitomo soon branched out into even more business areas entering the machine and coal industries, as well as the forestry, banking and warehousing businesses[6] becoming a zaibatsu,[3] or business conglomerate.

Sumitomo Group together with KDDI signed an agreement with Myanmar State owned Myanmar Post and Telecommunication (MPT) in July 2014 to jointly operate a mobile phone service in Myanmar for next 10 years.[9] [10]

Emblem[edit]

The diamond-shaped igeta mark is reminiscent of a type of frame placed over a well in premodern Japan and was the logo of Riemon Soga's Izumiya company.[1]

Sumitomo companies[edit]

Company Industry
Mazda Motor Corporation Automobiles
Mitsui Sumitomo Insurance Insurance
NEC Corporation Electronics and electric products
Nippon Sheet Glass Co Ltd Glass
Osaka Titanium Technologies Co Ltd Titanium products
Sumisho Computer Systems[11] Information Technology
Sumitomo Bakelite Co., Ltd. Chemicals
Sumitomo Chemical Chemicals
Sumitomo Corporation Integrated trading
Sumitomo Electric Bordnetze Auto parts suppliers
Sumitomo Electric Industries, Ltd. Electronics and electric products
Sumitomo Forestry Co., Ltd. Lumber and housing
Sumitomo Heavy Industries Machinery, weaponry, and shipbuilding
Sumitomo Life Insurance
Sumitomo Metal Industries Steel
Sumitomo Metal Mining Co., Ltd. Non-ferrous metal
Sumitomo Mitsui Banking Corporation Finance
Sumitomo Mitsui Construction Co., Ltd. Construction
Sumitomo Mitsui Trust Holdings Finance
Sumitomo Osaka Cement Cement
Sumitomo Precision Products Precision machinery
Sumitomo Realty & Development Co., Ltd. Real estate
Sumitomo Riko Rubber materials for vehicles, printers and constructions
Sumitomo Rubber Industries Tires and rubber products
The Sumitomo Warehouse Co., Ltd. Warehousing

Sumitomo companies which are in the Nikkei 225[edit]

References[edit]

External links[edit]