Sumitomo Group
Sumitomo Group |住友グループ|Sumitomo Gurūpu is one of the largest keiretsu , founded by Masatomo Sumitomo .
History
The Sumitomo group traces its roots to a bookshop in Kyoto founded circa 1615 by a former buddhist priest, Masatomo Sumitomo . Considered its spiritual founder, even today management of the group is guided by his "Founder's Precepts", written in the seventeenth century.
It was copper that made the company famous, however. When Riemon Soga , Masatomo Sumitomo's brother-in-law, learned purportedly Western methods of copper refining, he established a smelting business in 1590. This he named Izumiya , literally meaning " spring shop". The advanced techniques Riemon perfected allowed extraction of silver from copper ore, something which Japanese technology had as yet been unable to accomplish.
While the smelting & smithing business began in Kyoto, by the late 1600s it was moved to Osaka , and Soga passed control of the company to his son Tomomochi who managed its transformation into a major trading house during the Edo period . Sumitomo began exporting copper, importing silk, providing financial services, and by 1691 copper mining had been added as a business, too.
The Meiji Restoration allowed Sumitomo to import and utilize Western machines and techniques in its mines. Sumitomo soon branched out into even more business areas entering the machine and coal industries, as well as the forestry, banking and warehousing businesses becoming a zaibatsu , or business conglomerate.
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.
Sumitomo companies
- Sumitomo Chemical Co. , Ltd., Chemicals
- Sumitomo Heavy Industries, Ltd. , Machinery, weaponry, and shipbuilding
- Sumitomo Mitsui Banking Corporation , Finance
- Sumitomo Metal Industries, Ltd. , Steel
- Sumitomo Metal Mining Co., Ltd. , Non-ferrous metals
- Sumitomo Corporation , Integrated trading company
- Sumitomo Corporation of America
- The Sumitomo Trust & Banking Co., Ltd. , Finance
- Sumitomo Life Insurance Co. , Insurance
- Sumitomo Coal Mining Co., Ltd. , Mining
- The Sumitomo Warehouse Co., Ltd. , Warehousing
- Sumitomo Electric Industries, Ltd. , Electronics and electric products
- Mitsui Sumitomo Insurance Co., Ltd. , Insurance
- Mezon Stainless Steel Fzco., Stainless Stockiest
- Nippon Sheet Glass Co., Ltd. , Glass
- NEC , Electronics and electric products
- Sumitomo Realty & Development Co., Ltd. , Real estate
- Sumitomo Osaka Cement Co., Ltd. , Cement
- Sumitomo Light Metal Industries, Ltd. , Nonferrous metals
- Sumitomo Mitsui Construction Co., Ltd. , Construction
- Sumitomo Bakelite Co., Ltd. , Chemicals
- Sumitomo Forestry Co., Ltd. , Lumber and housing
- Sumitomo Rubber Industries, Ltd. , Tire s and rubber under Dunlop brand
- Mazda Motor Corporation
- Presidio Ventures
- Sumisho Computer Systems, (USA), Inc. , Information Technology
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