Dec. 27, 2018
Metal One Corporation
Announcement of the Date of the Integration of Domestic Tubular Products Business Operations between the Sumitomo Corporation Group and the Metal One Group
We hereby announce that Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) and Metal One Corporation (Head Office: Chiyoda-ku, Tokyo; President and Chief Executive Officer: Shuichi Iwata; hereinafter, “Metal One”) will integrate the domestic tubular products business operations conducted by the two companies on April 1, 2019. Business operations were slated to be integrated in January 2019, as stated in the news release “Agreement Concluded on the Integration of Domestic Tubular Products Business Operations between the Sumitomo Corporation Group and the Metal One Group” dated August 6, 2018, and the two companies have subsequently followed the necessary procedures for the planned integration on February 1, 2019, including those required under the Companies Act of Japan. However, the schedule has been changed in consideration of the progress of the preparations required for the integration as well as the influence exerted by prioritization of the recovery of some of natural disaster-afflicted bases. Operations will thus become integrated on April 1, 2019 after necessary decisions are made by the relevant bodies of all the related companies.
Procedures to obtain various approvals in line with the competition law have been completed both within and outside Japan, and no changes have been made to the basic agreement pertaining to the integration except for the schedule as described above.
|■Outline of the new company to be established by the integration (Planned)|
|Trade name||：Metal One Sumisho Tubular Products Co., Ltd.
|Representative||：To be determined through discussions by the related companies|
|Capital||：1.3 billion yen|
|Voting rights ratio||：Sumitomo Corporation: 50%、 Metal One: 50%|
|Number of employees||：Around 890|
|Sales size||：Around 190 billion yen|
■ Sumitomo Corporation’ s Material Issues
The Sumitomo Corporation Group has positioned “Six Material Issues to Achieve Sustainable Growth with Society” as important factors in developing business strategies and in the decision-making processes for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This latest project will contribute especially to “Contributing to the Development of Local Communities and Industries” and “Providing Diverse ‘Accessibility’”.