Sumitomo Group
Encyclopedia
is one of the largest keiretsu
, founded by Masatomo Sumitomo
.
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 17th 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 17th century 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.
Keiretsu
A is a set of companies with interlocking business relationships and shareholdings. It is a type of business group. The keiretsu has maintained dominance over the Japanese economy for the greater half of the twentieth century....
, founded by Masatomo Sumitomo
Masatomo Sumitomo
Sumitomo Masatomo was a Japanese copper mining businessman. He was the founder and eponym of Sumitomo Group....
.
History
The Sumitomo group traces its roots to a bookshop in KyotoKyoto
is a city in the central part of the island of Honshū, Japan. It has a population close to 1.5 million. Formerly the imperial capital of Japan, it is now the capital of Kyoto Prefecture, as well as a major part of the Osaka-Kobe-Kyoto metropolitan area.-History:...
founded circa 1615 by a former buddhist priest,
Masatomo Sumitomo
Masatomo Sumitomo
Sumitomo Masatomo was a Japanese copper mining businessman. He was the founder and eponym of Sumitomo Group....
. Considered its spiritual founder, even today management of the group is guided by his "Founder's Precepts", written in the 17th century.
It was copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
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
Spring (season)
Spring is one of the four temperate seasons, the transition period between winter and summer. Spring and "springtime" refer to the season, and broadly to ideas of rebirth, renewal and regrowth. The specific definition of the exact timing of "spring" varies according to local climate, cultures and...
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 17th century it was moved to Osaka
Osaka
is a city in the Kansai region of Japan's main island of Honshu, a designated city under the Local Autonomy Law, the capital city of Osaka Prefecture and also the biggest part of Keihanshin area, which is represented by three major cities of Japan, Kyoto, Osaka and Kobe...
, and Soga passed control of the company to his son Tomomochi who managed its transformation into a major trading house during the Edo period
Edo period
The , or , is a division of Japanese history which was ruled by the shoguns of the Tokugawa family, running from 1603 to 1868. The political entity of this period was the Tokugawa shogunate....
. Sumitomo began exporting copper, importing silk, providing financial services, and by 1691 copper mining had been added as a business, too.
The Meiji Restoration
Meiji Restoration
The , also known as the Meiji Ishin, Revolution, Reform or Renewal, was a chain of events that restored imperial rule to Japan in 1868...
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
Zaibatsu
is a Japanese term referring to industrial and financial business conglomerates in the Empire of Japan, whose influence and size allowed for control over significant parts of the Japanese economy from the Meiji period until the end of World War II.-Terminology:...
, 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 ChemicalSumitomo ChemicalSumitomo Chemical is a Japanese company. It's a member of the Sumitomo group and is listed on the Nikkei 225. The company is one of Japan's major chemical companies and was founded in 1913.-Company Milestones:...
, ChemicalsChemical industryThe chemical industry comprises the companies that produce industrial chemicals. Central to the modern world economy, it converts raw materials into more than 70,000 different products.-Products:... - Sumitomo Heavy IndustriesSumitomo Heavy IndustriesSumitomo Heavy Industries, Ltd. is an integrated manufacturer of industrial machinery, automatic weaponry, ships, bridges and steel structure, equipment for environmental protection, including recycling, power transmission equipment, plastic molding machines, laser processing systems, particle...
, Machinery, weaponry, and shipbuilding - Sumitomo Mitsui Banking CorporationSumitomo Mitsui Banking Corporationis a Japanese bank based in Yurakucho, Chiyoda, Tokyo, Japan. It is a member of the Sumitomo Group and Mitsui Group. As of the year 2009, SMBC was the second largest bank in Japan in terms of assets.-History:...
, FinanceFinance"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created... - Sumitomo Metal IndustriesSumitomo Metal Industriesis a company with seat in Osaka, Japan. )It is the third largest integrated steel manufacturer in Japan withthree integrated steelworks and several other manufacturing plants.It is one of the largest manufacturers of Seamless Pipes and Tubes,...
, SteelSteelSteel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten... - Sumitomo Metal Mining Co Ltd, Non-ferrous metals
- Sumitomo CorporationSumitomo CorporationSumitomo Corporation is one of the largest worldwide trading company , and is a diversified corporation. Sumitomo is headquartered in the Harumi Island Triton Square Office Tower Y in Chūō, Tokyo, Japan...
, an integrated tradingTradeTrade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...
company - Sumitomo Corporation of America
- The Sumitomo Trust & Banking Co Ltd, Finance
- Sumitomo Life Insurance Co, InsuranceInsuranceIn law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
- Sumitomo Coal Mining Co Ltd, MiningMiningMining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
- The Sumitomo Warehouse Co Ltd, Warehousing
- Sumitomo Electric Industries, Ltd., ElectronicsElectronicsElectronics is the branch of science, engineering and technology that deals with electrical circuits involving active electrical components such as vacuum tubes, transistors, diodes and integrated circuits, and associated passive interconnection technologies...
and electric products - Mitsui Sumitomo Insurance Co Ltd, Insurance
- Mezon StainlessStainlessStainless may refer to:* Stainless steel, a corrosion-resistant metal alloy* Stainless Games, a British video game developer* Stainless Broadcasting Company, a TV broadcaster based in Michigan, US...
SteelSteelSteel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
Fzco., Stainless Stockiest - Nippon Sheet Glass Co LtdNippon Sheet Glassis a Japanese glass manufacturer. In 2006 it purchased Pilkington of the United Kingdom. This makes NSG/Pilkington one of the four largest glass companies in the world alongside with another Japanese company Asahi Glass, Saint-Gobain, and Guardian Industries Corp.....
, GlassGlassGlass is an amorphous solid material. Glasses are typically brittle and optically transparent.The most familiar type of glass, used for centuries in windows and drinking vessels, is soda-lime glass, composed of about 75% silica plus Na2O, CaO, and several minor additives... - NECNEC, a Japanese multinational IT company, has its headquarters in Minato, Tokyo, Japan. NEC, part of the Sumitomo Group, provides information technology and network solutions to business enterprises, communications services providers and government....
, Electronics and electric products - Sumitomo Realty & Development Co Ltd, Real estateReal estateIn general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
- Sumitomo Osaka Cement Co Ltd, CementCementIn the most general sense of the word, a cement is a binder, a substance that sets and hardens independently, and can bind other materials together. The word "cement" traces to the Romans, who used the term opus caementicium to describe masonry resembling modern concrete that was made from crushed...
- Osaka Titanium Technologies Co LtdOsaka Titanium Technologiesis a Japanese non-ferrous metal manufacturing company based in Amagasaki, Hyōgo Prefecture, Japan. It is the world's second largest producer of titanium sponge after VSMPO-Avisma...
- Sumitomo Light Metal Industries Ltd, Nonferrous metals
- Sumitomo Mitsui Construction Co Ltd, ConstructionConstructionIn the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of human multitasking...
- Sumitomo Bakelite Co Ltd, Chemicals
- Sumitomo Forestry Co Ltd, LumberLumberLumber or timber is wood in any of its stages from felling through readiness for use as structural material for construction, or wood pulp for paper production....
and housing - Sumitomo Rubber IndustriesSumitomo Rubber Industriesis a tire and rubber company based in Japan. It is part of the Sumitomo Group.The company traces its origins to 1909, when the Sumitomo Group made an investment in Dunlop Japan, the newly formed Japanese subsidiary of the British company Dunlop Rubber...
, TireTireA tire or tyre is a ring-shaped covering that fits around a wheel rim to protect it and enable better vehicle performance by providing a flexible cushion that absorbs shock while keeping the wheel in close contact with the ground...
s and rubberRubberNatural rubber, also called India rubber or caoutchouc, is an elastomer that was originally derived from latex, a milky colloid produced by some plants. The plants would be ‘tapped’, that is, an incision made into the bark of the tree and the sticky, milk colored latex sap collected and refined...
under DunlopDunlop (brands)Dunlop was originally a brand of tyre produced by the Dunlop Pneumatic Tyre Company at the end of the 19th century, taking its name from John Dunlop. The brand is now used for many other products either derived from rubber or with a looser connection to rubber.Ownership of the brand has become...
brand - Mazda Motor Corporation
- Presidio Ventures
- Sumisho Computer Systems (USA) Inc, Information TechnologyInformation technologyInformation technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...