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| Additional information |
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| Sumitomo Corporation |
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History:
Sumitomo Corporation’s history dates back to the 17th century, when Masatomo Sumitomo opened a book and medicine shop in Kyoto. Masatomo wrote and left for posterity a document entitled “Monjuin Shiigaki (Founder’s Precepts),” describing how a merchant should conduct business. Forming the basis of Sumitomo’s Business Philosophy of pursuing integrity and sound management rather than easy gains, these teachings have been passed down and adhered to across the Sumitomo Group for 400 years, right up until today.
After Masatomo’s time, the Sumitomo business grew and flourished in the copper mining and refining industry and other related sectors. Embracing the credos of “Benefit for self and others, private and public interests are one and the same” and “Grand Design,” which, respectively, emphasize the importance of social contribution and an enterprising spirit, the Sumitomo Group has gone on to become one of Japan’s leading corporate groups, with interests in finance, insurance, steel, real estate and others. Sumitomo Corporation is a major player within the group.
Sumitomo Corporation was originally founded as The Osaka North Harbour Co., Ltd. in December 1919. The company engaged in real estate management, conducting land reclamation in the Hokko (North Port of Osaka) area and the development of the surrounding areas, along with other activities. In 1944, the company merged with The Sumitomo Building Co., Ltd. and was renamed Sumitomo Real Estate Building Co., Ltd. In November 1945, the company was renamed Nippon Engineering Co., Ltd. and advanced into the trading business, handling products from Japan’s major manufacturers as well as products manufactured by its own group companies. From then on, the company focused on trade, looking to expand both the range of products it traded and the industrial segments it operated within. In 1949, the company listed its shares for public trading on the Tokyo, Osaka and Nagoya stock exchanges.
The biggest challenge during the early period was the need to solidify the company’s management foundation. Shunya Toji, who was the president of Nippon Engineering at the time and later became the first president of Sumitomo Corporation, encouraged his “amateur” employees, who were not well versed in the trading business, by telling them that “enthusiastic amateurs outperform professionals” every time, and strove to establish sound management through strict credit control and other means. The company also steadily expanded its presence abroad, posting an employee to Bombay (now Mumbai) for the first time in 1950 and establishing a U.S. subsidiary in New York in 1952. The company’s name was changed to Sumitomo Shoji Kaisha, Ltd. in 1952, and its shares were listed on the Fukuoka Stock Exchange in 1955. |
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