Sumitomo Corporation is one of the largest worldwide Sogo shosha general trading companies, and is a diversified corporation.
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15 Facts About Sumitomo Corporation
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Sumitomo Corporation was incorporated in 1919 and is a member company of the Sumitomo Group.
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Sumitomo Group, of which Sumitomo Corporation is a key member, dates to the 17th century establishment of a book and medicine shop in Kyoto by Masatomo Sumitomo.
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From this start, the Sumitomo Corporation family expanded its business into copper mining, followed by textiles, sugar and medicine trading.
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Sumitomo Corporation family was close to the Tokugawa shogunate throughout the Edo period.
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However, Sumitomo Corporation kept the mine and improved its output through adoption of new Western techniques.
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Sumitomo Corporation was incorporated in December 1919 as The Osaka North Harbour Co.
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Sumitomo Corporation Building transitioned to general trading, looking to handle products from Japan's major manufacturing firms in various industries, and changed its name to Nippon Engineering Co.
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Sumitomo Corporation began to grow overseas in the 1950s, starting business in Mumbai in 1950 and in New York City in 1952.
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In 1970, Sumitomo Corporation established a second head office in Tokyo and merged with Sogo Boeki Co.
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Sumitomo Corporation's strategy focused on natural resources through 2014, when the company booked hundreds of billions of yen in losses on tight oil and other energy-related investments.
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Sumitomo Corporation announced in 2015 that it would refocus its business on the automotive and infrastructure industries and other non-resource businesses.
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Sumitomo Corporation is a major investor in the Turo car-rental service, and plans to facilitate the service's debut in Japan around 2020.
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Sumitomo Corporation previously maintained the line from 2000 to 2012, until the line was seen to be deteriorated in the following years due to poor maintenance.
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Sumitomo Corporation is in a joint venture with the Japan Transport Engineering Company for the production of a total of 51 commuter train sets in two separate contracts for the Philippine National Railways North-South Commuter Railway and the production of 30 8-car train sets for the Metro Manila Subway.
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