The Sumitomo Group (Japanese: 住友グループ, Hepburn: Sumitomo Gurūpu) is a Japanese corporate group and keiretsu that traces its roots to the zaibatsu groups that were dissolved after World War II. Unlike the zaibatsu of the pre-war period, there is no controlling company with regulatory power. Instead, the companies in the group hold shares in each other, but they are limited to exchanging information and coordinating plans through regular meetings.
The Sumitomo Group traces its roots to a bookshop in Kyoto founded circa 1615 by Masatomo Sumitomo, a former Buddhist monk.[1] Even today, management of the group is guided by his "Founder's Precepts", written in the 17th century.[1]
Copper refining made the company famous. Riemon Soga, Masatomo Sumitomo's brother-in-law, learned Western methods of copper refining. In 1590, he established a smelting business, Izumiya, literally meaning "spring shop".[1] Riemon perfected techniques that allowed the extraction of silver from copper ore, something Japanese technology had not previously accomplished.[1]
The smelting and smithing business was moved from Kyoto to Osaka by the late 17th century.[1] Soga passed control of the company to his son Tomomochi who managed its transformation into a major trading house[2] during the Edo period.[3] Sumitomo began to export copper,[4] import silk,[4] and provide financial services.[5] By 1691, copper mining had been added to the portfolio.[6][7][8]
Igeta mark
The Meiji Restoration allowed Sumitomo to import and utilize Western machines and techniques in its mines.[6] Sumitomo soon branched out into even more business areas entering the machine and coal industries, as well as the forestry, banking and warehousing businesses[6] becoming a zaibatsu,[3] or business conglomerate.
Many companies continue to use the word Sumitomo in their corporate names. Most of them are managed independently and listed at Tokyo Stock Exchange (TSE) and other stock exchanges with highly dispersed shareholders. For some, the name only shows their historic origin, and they are no longer considered part of the Sumitomo Group.
In 1982, Sumitomo reported an energy conservation program.[9]
Emblemedit
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.[1]
^"Sumitomo in History, part IV: Milestones, Major Copper Vein Discovered". sumitomo.gr.jp. Sumitomo Group.
^"Sumitomo in History, part VI: A Time of Adversity, The End of Rule by the Samurai". sumitomo.gr.jp. Sumitomo Group.
^Yamamoto, T.; Yamamori, K. (1982-01-01). "Sumitomo Metal Industries' energy conservation program". Sumitomo Kinzoku; (Japan) (in Japanese). 34:3.
^"Corporate History - Sumisho Computer Systems Corporation". Scs.co.jp. Retrieved 2010-09-19.
External linksedit
(in English) Sumitomo Group Public Affairs Committee
(in English) Company profile and the origins of Sumitomo Official Sumitomo Site
(in English) Sumitomo Corporation website: historical information
February 15, 2024
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This article relies excessively on references to primary sources Please improve this article by adding secondary or tertiary sources Find sources Sumitomo Group news newspapers books scholar JSTOR January 2020 Learn how and when to remove this template message The Sumitomo Group Japanese 住友グループ Hepburn Sumitomo Gurupu is a Japanese corporate group and keiretsu that traces its roots to the zaibatsu groups that were dissolved after World War II Unlike the zaibatsu of the pre war period there is no controlling company with regulatory power Instead the companies in the group hold shares in each other but they are limited to exchanging information and coordinating plans through regular meetings Sumitomo GroupIndustryConglomerateFounded1615 409 years ago 1615 HeadquartersTokyo JapanProductsCurrent or former Sumitomo Group membersWebsiteSumitomo Group Public Affairs Committee Contents 1 History 1 1 Emblem 2 Current or former Sumitomo Group members 3 References 4 External linksHistory editThe Sumitomo Group traces its roots to a bookshop in Kyoto founded circa 1615 by Masatomo Sumitomo a former Buddhist monk 1 Even today management of the group is guided by his Founder s Precepts written in the 17th century 1 Copper refining made the company famous Riemon Soga Masatomo Sumitomo s brother in law learned Western methods of copper refining In 1590 he established a smelting business Izumiya literally meaning spring shop 1 Riemon perfected techniques that allowed the extraction of silver from copper ore something Japanese technology had not previously accomplished 1 The smelting and smithing business was moved from Kyoto to Osaka by the late 17th century 1 Soga passed control of the company to his son Tomomochi who managed its transformation into a major trading house 2 during the Edo period 3 Sumitomo began to export copper 4 import silk 4 and provide financial services 5 By 1691 copper mining had been added to the portfolio 6 7 8 nbsp Igeta markThe Meiji Restoration allowed Sumitomo to import and utilize Western machines and techniques in its mines 6 Sumitomo soon branched out into even more business areas entering the machine and coal industries as well as the forestry banking and warehousing businesses 6 becoming a zaibatsu 3 or business conglomerate After World War II the Japanese zaibatsu conglomerates including Sumitomo were dissolved by the GHQ and the Japanese government The group reformed as a keiretsu a group of independent companies organized around The Sumitomo Bank now Sumitomo Mitsui Banking Corporation and bound together by cross shareholding Many companies continue to use the word Sumitomo in their corporate names Most of them are managed independently and listed at Tokyo Stock Exchange TSE and other stock exchanges with highly dispersed shareholders For some the name only shows their historic origin and they are no longer considered part of the Sumitomo Group In 1982 Sumitomo reported an energy conservation program 9 Emblem edit 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 1 Current or former Sumitomo Group members editCompany IndustryMazda Motor Corporation AutomobilesMitsui Sumitomo Insurance InsuranceNEC Corporation Electronics and electric productsNippon Sheet Glass Co Ltd GlassOsaka Titanium Technologies Co Ltd Titanium productsSumisho Computer Systems 10 Information TechnologySumitomo Bakelite Co Ltd ChemicalsSumitomo Chemical ChemicalsSumitomo Corporation Integrated tradingSumitomo Electric Bordnetze Auto parts suppliersSumitomo Electric Industries Ltd Electronics and electric productsSumitomo Forestry Co Ltd Lumber and housingSumitomo Heavy Industries Machinery weaponry and shipbuildingSumitomo Life InsuranceNippon Steel SteelSumitomo Metal Mining Co Ltd Non ferrous metalSumitomo Mitsui Financial Group FinanceSumitomo Mitsui Construction ConstructionSumitomo Mitsui Trust Holdings FinanceSumitomo Osaka Cement CementSumitomo Precision Products Precision machinerySumitomo Realty amp Development Real estateSumitomo Riko Rubber materials for vehicles printers and constructionsSumitomo Rubber Industries Tires and rubber productsThe Sumitomo Warehouse Co Ltd Warehousing Nikkei 225 constituent company References edit a b c d e f Company History sumitomocorp co jp Sumitomo Corporation Sumitomo in History part I A Business Spirit Alive and Well After 400 Years A Meeting with Copper sumitomo gr jp Sumitomo Group a b Sumitomo Group Encyclopaedia Britannica via britannica com a b Sumitomo in History part II Japanese Copper Across the Sea Contributing to the Wealth of the Nation sumitomo gr jp Sumitomo Group Sumitomo in History part III Japan s Kitchen New Businesses Emerge sumitomo gr jp Sumitomo Group a b c About Us sumitomocorp co jp Sumitomo Corporation Sumitomo in History part IV Milestones Major Copper Vein Discovered sumitomo gr jp Sumitomo Group Sumitomo in History part VI A Time of Adversity The End of Rule by the Samurai sumitomo gr jp Sumitomo Group Yamamoto T Yamamori K 1982 01 01 Sumitomo Metal Industries energy conservation program Sumitomo Kinzoku Japan in Japanese 34 3 Corporate History Sumisho Computer Systems Corporation Scs co jp Retrieved 2010 09 19 External links edit in English Sumitomo Group Public Affairs Committee in English Company profile and the origins of Sumitomo Official Sumitomo Site in English Sumitomo Corporation website historical information Retrieved from https en wikipedia org w index php title Sumitomo Group amp oldid 1178878641, wikipedia, wiki, book, books, library,
