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Sumitomo Group - Wikipedia

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Sumitomo Group

Industry	Conglomerate
Founded	1615; 409 years ago (1615)
Headquarters	Tokyo, Japan
Products	Current or former Sumitomo Group members
Website	Sumitomo Group Public Affairs Committee

The Sumitomo Group (Japanese: 住友グループ, Hepburn: Sumitomo Gurūpu) 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.

History

The Sumitomo Group traces its roots to a bookshop in Kyoto founded circa 1615 by Masatomo Sumitomo, a former Buddhist monk.^[1] Even today, management of the group is guided by his "Founder's Precepts", written in the 17th century.^[1]

Copper refining 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, Izumiya, literally meaning "spring shop".^[1] Riemon perfected techniques that allowed the extraction of silver from copper ore, something Japanese technology had not previously accomplished.^[1]

The smelting and smithing business was moved from Kyoto to Osaka by the late 17th century.^[1] 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.

After World War II, the Japanese zaibatsu conglomerates, including Sumitomo, were dissolved by the GHQ and the Japanese government. The group reformed as a keiretsu, a group of independent companies organized around The Sumitomo Bank (now Sumitomo Mitsui Banking Corporation) and bound together by cross shareholding.

Many companies continue to use the word Sumitomo in their corporate names. Most of them are managed independently and listed at Tokyo Stock Exchange (TSE) and other stock exchanges with highly dispersed shareholders. For some, the name only shows their historic origin, and they are no longer considered part of the Sumitomo Group.

In 1982, Sumitomo reported an energy conservation program.^[9]

Emblem

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]

Current or former Sumitomo Group members

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^[10]	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
Nippon Steel*	Steel
Sumitomo Metal Mining Co., Ltd.*	Non-ferrous metal
Sumitomo Mitsui Financial Group*	Finance
Sumitomo Mitsui Construction	Construction
Sumitomo Mitsui Trust Holdings*	Finance
Sumitomo Osaka Cement*	Cement
Sumitomo Precision Products	Precision machinery
Sumitomo Realty & Development*	Real estate
Sumitomo Riko	Rubber materials for vehicles, printers and constructions
Sumitomo Rubber Industries	Tires and rubber products
The Sumitomo Warehouse Co., Ltd.	Warehousing

* Nikkei 225 constituent company.

References

^ ^a ^b ^c ^d ^e ^f "Company History". sumitomocorp.co.jp. Sumitomo Corporation.
^ "Sumitomo in History, part I: A Business Spirit Alive and Well After 400 Years, A Meeting with Copper". sumitomo.gr.jp. Sumitomo Group.
^ ^a ^b "Sumitomo Group". Encyclopædia Britannica – via britannica.com.
^ ^a ^b "Sumitomo in History, part II: Japanese Copper Across the Sea, Contributing to the Wealth of the Nation". sumitomo.gr.jp. Sumitomo Group.
^ "Sumitomo in History, part III: Japan's Kitchen, New Businesses Emerge". sumitomo.gr.jp. Sumitomo Group.
^ ^a ^b ^c "About Us". sumitomocorp.co.jp. Sumitomo Corporation.
^ "Sumitomo in History, part IV: Milestones, Major Copper Vein Discovered". sumitomo.gr.jp. Sumitomo Group.
^ "Sumitomo in History, part VI: A Time of Adversity, The End of Rule by the Samurai". sumitomo.gr.jp. Sumitomo Group.
^ Yamamoto, T.; Yamamori, K. (1982-01-01). "Sumitomo Metal Industries' energy conservation program". Sumitomo Kinzoku; (Japan) (in Japanese). 34:3.
^ "Corporate History - Sumisho Computer Systems Corporation". Scs.co.jp. Retrieved 2010-09-19.

External links

(in English) Sumitomo Group Public Affairs Committee
(in English) Company profile and the origins of Sumitomo Official Sumitomo Site
(in English) Sumitomo Corporation website: historical information

v t e Sumitomo Group Public Relations Committee
Members of Hakusuikai are bolded. Hakusuikai is an association of the presidents of the Sumitomo companies. * Mitsui Group companies
Construction	Sumitomo Mitsui Construction Sumitomo Forestry* Sumitomo Densetsu
Chemicals and pharmaceuticals	Sumitomo Chemical Sumitomo Bakelite Sumitomo Pharma Sumitomo Seika Chemicals
Rubber, glass and ceramics	Nippon Sheet Glass Sumitomo Osaka Cement Sumitomo Rubber Industries Sumitomo Riko
Steel	Sumitomo Metal Industries
Non-ferrous metals	Sumitomo Electric Industries Sumitomo Metal Mining Sumitomo Light Metal Industries -Sumitomo Wiring Systems
Machinery	Sumitomo Heavy Industries Sumitomo (S.H.I.) Construction Machinery Sumitomo Precision Products
Electrical equipment	NEC Nissin Electric Meidensha
Trading	Sumitomo Corporation Sumikin Bussan Corporation
Finance and insurance	Sumitomo Mitsui Banking Corporation Sumitomo Trust and Banking* Sumitomo Life MS&AD Insurance Group Sumitomo Mitsui Card Sumitomo Mitsui Finance and Leasing Sumitomo Mitsui Auto Service *SMBC Friend Securities
Real estate	Sumitomo Realty & Development
Transport and warehousing	Sumitomo Warehouse
Information and communication	Sumisho Computer Systems *Japan Research Institute
Sumitomo zaibatsu Sumitomo family

v t e Japan's zaibatsu, keiretsu, and modern corporate groups
Big 4 zaibatsu (preceding World War II)	Mitsubishi Mitsui Sumitomo Group Yasuda zaibatsu
Second tier zaibatsu (preceding World War II)	Asano zaibatsu Fujita Furukawa Group Kawasaki Heavy Industries Nakajima Aircraft Company Nichitsu Nissan Group Nobuteru Mori Nomura Holdings RIKEN Shibusawa Eiichi Taisei Corporation Suzuki shoten
Big 6 Keiretsu (until roughly 10 years after Japanese asset price bubble ended in 1991)	DKB Group Fuyo Group Mitsubishi Mitsui Sanwa Group Sumitomo Group
Transitionary keiretsu	UFJ Group (originated from Sanwa Group, later renamed to "Midori Kai")
Current groups	Furukawa Group Midori Kai Mitsubishi Mitsui Mizuho Financial Group Nissan Group Nomura Holdings Sumitomo Group Toyota Group

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