Sumitomo Electric Industries (SEI) announced on Monday the firm starts local sales of cutting tools in Brazil, Indonesia and Turkey. SEI tries to follow the demand growth for cutting tools used by car and airplane industries in emerging countries.
SEI opened a new sales subsidiary in Brazil, starting commercial operation in May. The subsidiary is owned by SEI with 99% controlling shares and by Sumitomo Electric Hardmetal, SEI’s subsidiary to manufacture cutting tools, with 1% shares. The revenue target is 380 million yen in fiscal 2012 ending in March 2013 and 2.5 billion yen in fiscal 2016. In Indonesia, SEI starts local selling operation of cutting tools at the existing sales subsidiary, Sumiden Powder Metal Indonesia. Sumiden Powder Metal Indonesia has been the sales company for automotive sintered parts. In Turkey, SEI establishes a joint sales company with a local maker of cutting tools, Milmak and starts operation within this month. Sumitomo Electric Hartmetall, SEI’s subsidiary to produce and sell cutting tools in Germany, holds 51% shares in the joint sales company and Milmak holds the rest 49%. The revenue target is 250 million yen in fiscal 2012 and 500 million yen in fiscal 2016.Japan Steel Scrap Composite Prices (Sangyo Press)
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