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The is one of the largest Japanese ''
The Meiji Restoration allowed Sumitomo to import and utilize Western machines and techniques in its mines. Sumitomo soon branched out into even more business areas entering the machine and coal industries, as well as the forestry, banking and warehousing businesses becoming a '' zaibatsu'', 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 ''
* Nikkei 225 constituent company.
Sumitomo Group Public Affairs Committee
*
Official Sumitomo Site *
Sumitomo Corporation website: historical information
{{Authority control 1630 establishments in Japan Companies based in Hyōgo Prefecture Companies based in Osaka Prefecture Companies established in 1630 Conglomerate companies based in Tokyo Keiretsu Mitsui Zaibatsu
keiretsu
A is a set of companies with interlocking business relationships and shareholdings. In the legal sense, it is a type of informal business group that are loosely organized alliances within the social world of Japan's business community. The ''ke ...
'', or business groups, founded by Masatomo Sumitomo (1585-1652) around 1615 during the early Edo period.
History
The Sumitomo Group traces its roots to a bookshop in Kyoto founded circa 1615 by Masatomo Sumitomo, a former Buddhist monk. Even today management of the group is guided by his "Founder's Precepts", written in the 17th century. 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
Spring(s) may refer to:
Common uses
* Spring (season), a season of the year
* Spring (device), a mechanical device that stores energy
* Spring (hydrology), a natural source of water
* Spring (mathematics), a geometric surface in the shape of a ...
shop". Riemon perfected techniques that allowed the extraction of silver from copper ore, something Japanese technology had not previously accomplished.
The smelting and smithing business was moved from Kyoto to Osaka by the late 17th century. Soga passed control of the company to his son Tomomochi who managed its transformation into a major trading house during the Edo period. Sumitomo began to export copper, import silk, and provide financial services. By 1691, copper mining had been added to the portfolio.
The Meiji Restoration allowed Sumitomo to import and utilize Western machines and techniques in its mines. Sumitomo soon branched out into even more business areas entering the machine and coal industries, as well as the forestry, banking and warehousing businesses becoming a '' zaibatsu'', 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 is a set of companies with interlocking business relationships and shareholdings. In the legal sense, it is a type of informal business group that are loosely organized alliances within the social world of Japan's business community. The ''ke ...
'', a group of independent companies organized around The Sumitomo Bank (now Sumitomo Mitsui Banking Corporation
is a Japanese multinational banking and financial services institution headquartered in Yurakucho, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and ser ...
) 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.
Emblem
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.Current or former Sumitomo Group members
References
External links
*Sumitomo Group Public Affairs Committee
*
Official Sumitomo Site *
Sumitomo Corporation website: historical information
{{Authority control 1630 establishments in Japan Companies based in Hyōgo Prefecture Companies based in Osaka Prefecture Companies established in 1630 Conglomerate companies based in Tokyo Keiretsu Mitsui Zaibatsu