A Brief History of Sumitomo
Sumitomo's personality is shaped by a company history extending more than 350 years. The history of Sumitomo dates back to the early 17th century, when Masatomo Sumitomo (1585-1652) opened a book and medicine shop in Kyoto.
Later in life, he created his Founder's Precepts, which laid out his business philosophy. The Sumitomo Business Principles, stressing integrity and sound management, are based on Masatomo's Precepts and have been the central force shaping the spirit of each Sumitomo company for more than three centuries.
Sumitomo's initial core business was copper mining. The 1960s and 1970s saw tremendous expansion and internationalization of the Japanese economy, spurred by heavy industry such as the steel and chemical sectors, and Sumitomo Corporation accordingly evolved into an integrated trading company. It diversified its product range to include iron and steel, non-ferrous metals, electrical and electronics products, machinery, agricultural and marine products, chemicals, textiles, natural resources, and real estate, and it expanded its business to cover sophisticated areas such as resource development, plant construction, joint venture formation, financing and investment.
Birth of Sumitomo Corporation
Sumitomo Corporation traces its roots to 1919, when Osaka Hokko Kaisha, Ltd. was established to undertake a land reclamation project in Osaka Bay. In 1945, the Company decided to enter the trading business. It set up its first overseas office in Bombay, India, in 1950, and stationed a representative in the United States the following year, marking its incarnation as the trading arm of the Sumitomo Group.
Emergence as an Integrated Trading Company
The 1960s and 1970s saw tremendous expansion and internationalization of the Japanese economy, spurred by heavy industry, such as the steel and chemical sectors, and Sumitomo Corporation accordingly evolved into an integrated trading company. It diversified its product range to include iron and steel, non-ferrous metals, electrical and electronics products, machinery, agricultural and marine products, chemicals, textiles, natural resources, and real estate, and it expanded its business to cover such sophisticated areas as resource development, plant construction, joint venture formation, financing, and investment.
Becoming an Integrated Business Enterprise
In 1988, Sumitomo Corporation set out its vision of becoming an Integrated Business Enterprise. This initiative focused on strengthening existing trading operations and to aggressively pursue new investment opportunities in such fields as multimedia and retail products.
Sumitomo's Igeta Emblem
The distinctive igeta symbol, adopted as the company emblem by Sumitomo Corporation and most other enterprises of the Sumitomo Group represents a frame placed around wells in old Japan. The igeta emblem represents the fresh, sparkling water gushing from a fountainhead, which forms a mighty river and finally flows into the vast ocean.
The igeta is symbolic of the freshness in spirit and substance. As an American company with roots in Japan, we continually draw from the well of our American and Japanese heritage, and bring forth fresh commitments to our customers and suppliers, and our subsidiary and affiliate companies.