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Establishment of Sumitomo Corporation Asia Pte. Ltd., a Regional Head Office Company
Tuesday March 18 11:53 PM
Sumitomo Corporation is pursuing wide-zone operation not just in Asia but also in the Americas, Europe, China, the Middle East, and the Commonwealth of Independent States. In the Asian region, a wide-zone operation system was introduced in April 2005 under the Regional General Manager for Southeast Asia, and it was broadened to include Southwest Asia in April 2006. Ever since then this system, which does not rely on a corporate format, has been in operation under the Regional General Manager for Southeast & Southwest Asia.
At this time, in a context of Asian economic growth and rapid lowering of borders, Sumitomo Corporation Asia is being established to supplement the existing setup, in which the Regional General Manager is in charge of the region's organization overall. In the new system the Regional General Manager for Asia will concurrently serve as the CEO of Sumitomo Corporation Asia and will strive to strengthen unified management across the region.
Sumitomo Corporation Asia will be formed by merging the existing Sumitomo Corporation (Singapore) Pte. Ltd. with the Office of the Regional General Manager for Southeast & Southwest Asia, and it will function as the holding company of the region's subsidiaries. They are Sumitomo Corporation Thailand Ltd., PT. Sumitomo Indonesia, Sumitomo Corporation India Pvt. Ltd., and Sumitomo Corporation Vietnam LLC. In addition, Sumitomo Corporation Capital Asia Pte. Ltd. (Singapore), which is the financial center of the SC Group in Asia, will become a subsidiary of Sumitomo Corporation Asia, and it will work to strengthen financial functions, as by coordinating the functions of financial management of the group companies.
Henceforth, with Sumitomo Corporation Asia taking the lead, efforts will be directed at expanding the earnings base in Asia while optimizing the allocation of the region's managerial resources, utilizing these resources efficiently on a prioritized basis, and strengthening the region's administration function.
Outline of Sumitomo Corporation Asia
Company name: Sumitomo Corporation Asia Pte. Ltd.
CEO: Michio Ogimura
(concurrently Regional General Manager for Asia)
Capital: JPY 17.5 billion
Ownership: 100% Sumitomo Corporation
Date of establishment: April 1, 2008
Offices under the Regional General Manager for Asia: 13 countries - Bangladesh, Cambodia, India, Indonesia, Laos, Malaysia, Myanmar, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, VietnamAbout Sumitomo Corporation
Founded in 1919, Sumitomo Corporation (TSE: 8053; US: SSUMY) is one of the largest, major general trading companies in Japan. Sumitomo Corporation runs 26 offices in Japan and 124 overseas branches in 69 countries. Sumitomo Corporation not only conducts commodity transactions in all industries utilizing worldwide networks, but also provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry. Sumitomo Corporation thus shows great diversification as an Integrated Business Enterprise. Trading industries are Metal, Transportation & Construction Systems, Machinery & Electric, Media, Electronics, & Network, Chemical, Mineral Resources & Energy, Consumer Goods & Service, Material & Real Estate, and Financial & Logistics. For more information, please visit www.sumitomocorp.co.jp .
Source: Sumitomo Corporation
Contact:
Sumitomo Corporation Hideyuki Terajima Corporate Communications Department. Sumitomo Corporation TEL: +81-3-5166-3100 E-mail: hideyuki.terajima@sumitomocorp.co.jp
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