Sumitomo Corporation to Transfer Shares of Company Engaged in Airbag Cushion Manufacturing and Sales

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and CEO: Shingo Ueno) has announced that it will transfer its shares (82.84%) in Sumisho Airbag Systems Co., Ltd. (Head Office: Matsuura City, Nagasaki; President and CEO: Tatsuhisa Hiramatsu), a company engaged in the manufacture and sales of cushions for airbags, to SC Airbag Holdings Co. Ltd. (Head Office: Chiyoda-ku, Tokyo; Representative Director: Oh Okochi). SC Airbag Holdings was established in May 2024 as a wholly owned subsidiary of a fund formed by REVA Corporation, an independent investment company in which Sumitomo Corporation is a minority equity investor and provides personnel. The share transfer is scheduled to be completed in early November 2024, subject to various legal approvals.

Sumitomo Corporation's Medium-Term Management Plan 2026 announced in May 2024 calls for business portfolio transformation, and this project is part of that effort.
Sumitomo Corporation will record a loss of approximately 5 billion yen, equivalent to our equity interest, as a result of this stock transfer, and the impact on our business performance has been factored into our annual profit forecast for FY2024.

Outline of Sumisho Airbag Systems

Outline of SC Airbag Holdings