27 March 2023
Sumitomo Electric Forms Strategic Partnership with Hanwa
Sumitomo Electric Industries, Ltd. is pleased to announce the signing of a business partnership agreement with Hanwa Co., Ltd. (Head office: Chuo-ku, Osaka; President and Representative Director: Yoichi Nakagawa).
While considering a request for the repurchase of shares from the founding family of Misawa Trading Co., Ltd. (Head office: Kita-ku, Osaka; President and Representative Director: Koshu Kono), a consolidated subsidiary of Sumitomo Electric, Sumitomo Electric received a proposal for a business partnership through capital participation in Misawa Trading from Hanwa. Since then, Sumitomo Electric has been conducting further discussions on this matter.
Misawa Trading sees potential for expanding its overseas operations and exploring new product opportunities both domestically and internationally. For Sumitomo Electric, there are expectations of expanding the sales of its own products. Based on these factors, the decision to enter into a business partnership agreement with Hanwa has been made.
With Hanwa's investment in Misawa Trading, the shareholding ratio in Misawa Trading will be 80% for Sumitomo Electric and 20% for Hanwa.