Jan. 10, 2024
Sumitomo Corporation
Sale of UK Water Business
Sumitomo Corporation (Head office: Chiyoda-ku, Tokyo; Representative Director, President and CEO: Masayuki Hyodo), together with Osaka Gas Co., Ltd. (Head office: Chuo-ku, Osaka; President: Masataka Fujiwara), has been engaged in water business in UK at Sutton and East Surrey Water plc ("SESW"), a UK water utility company, through Sumisho Osaka Gas Water UK Ltd. ("SOGWUK"), a joint venture with Osaka Gas since 2013. On January 10, 2024, Sumitomo Corporation and Osaka Gas have transferred all shares in SOGWUK, including Osaka Gas' 50 percent stake, to Pennon Group plc, a UK-based water utility company.
Sumitomo Corporation has set a goal and has been working to shift its business portfolio under its Medium-Term Management Plan “SHIFT 2023” and executing strategic asset replacement. Sumitomo Corporation will continue to reinforce and develop its primary earning pillars by leveraging its strengths utilizing management capital including operation know-how acquired from this UK water business.
The impact of this sale on the consolidated financial results for the fiscal year ending March 31, 2024 has been included in the consolidated earnings forecasts published on November 2, 2023.
Sumitomo Corporation has set a goal and has been working to shift its business portfolio under its Medium-Term Management Plan “SHIFT 2023” and executing strategic asset replacement. Sumitomo Corporation will continue to reinforce and develop its primary earning pillars by leveraging its strengths utilizing management capital including operation know-how acquired from this UK water business.
The impact of this sale on the consolidated financial results for the fiscal year ending March 31, 2024 has been included in the consolidated earnings forecasts published on November 2, 2023.
[Reference information]
【Profile of SESW】
| Company name |
Sutton and East Surrey Water Ltd. |
| Year established |
1862 (privatized in 1989) |
| Location |
London Road, Redhill, Surrey, UK |
| Business activities |
Waterworks business |
| Service area |
835 square kilometers in southeast London |
| Service population |
Approximately 750,000 (270,000 households) |
| Employees |
Approximately 340 |
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