Marubeni-Itochu Techno Steel Inc. completed the acquisition of Sumitomo Corp Kyushu Co. Ltd, Sumitomo Corp Tohoku Co. Ltd, Sumitomo Corp Hokkaido Co. Ltd and Sumisho Tekko Hanbai Co. Ltd from Sumitomo Corporation.
January 31, 2016
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Marubeni-Itochu Techno Steel Inc. concluded a basic agreement to acquire Sumitomo Corp Kyushu Co. Ltd, Sumitomo Corp Tohoku Co. Ltd, Sumitomo Corp Hokkaido Co. Ltd and Sumisho Tekko Hanbai Co. Ltd from Sumitomo Corporation (TSE:8053) in stock on August 3, 2015. Marubeni-Itochu Techno Steel Inc will acquire and merge the entire domestic steel building material businesses of Sumitomo Corporation comprising Sumisho Tekko Hanbai Co., Ltd, Sumitomo Corporation Hokkaido Co., Ltd., Sumitomo Corporation Tohoku Co., Ltd. and Sumitomo Corporation Kyushu Co., Ltd. with itself and the merged entity will be known as Marubeni Itochu Sumisho Techno Steel Inc with Sumitomo Corporation getting 33.3% stake in the merged entity in exchange. The employees of the business will be transferred to Marubeni-Itochu Techno Steel Inc. The integration is conditional upon approval by Japanese authorities, foreign authorities and other governmental bodies. Subject to licensing and approval procedures, the handover of the targeted business will be concluded by December 31, 2015 and Marubeni-Itochu Techno Steel Inc will assume control from January 1, 2016. The transaction is subject to European Commission. As on November 9, 2015 European Commission approved the transaction.
Marubeni-Itochu Techno Steel Inc. completed the acquisition of Sumitomo Corp Kyushu Co. Ltd, Sumitomo Corp Tohoku Co. Ltd, Sumitomo Corp Hokkaido Co. Ltd and Sumisho Tekko Hanbai Co. Ltd from Sumitomo Corporation (TSE:8053) in January, 2016.
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
