Sumitomo Light Metal Industries announced on Friday the board directors approved the details of the new subsidiary to succeed copper and copper alloy fabricated product business from Sumitomo Light Metal Industries on October 3, 2011. The new subsidiary, called Sumikei Shindo, will be established with capital fund at 2.2 billion yen and 88,000 newly issued shares.
The headquarters will be located in Sumitomo Light Metal Industries’ present Copper Works in Toyokawa City, Aichi Prefecture, Japan. The subsidiary succeeds production and sales operations for copper, copper alloy and titanium tubes with approximately 370 employees. Mr. Hiroshi Ikeda, Sumitomo Light Metal Industries’ director and managing executive officer for Copper Works, will become the new subsidiary’s president. Sumikei Shindo will also succeed five domestic and overseas subsidiaries related to copper alloy fabricating business, those which are Sumikei Doukan Hanbai, Toyofitting, Sumikei Package, Sumikei (Malaysia) and Sumikei (Guangzhou) Metal Products. Sumikei Shindo will hold 76% shares in Sumikei (Guangzhou) Metal Products while 100% shares in the rest four operating companies. Sumitomo Light Metal Industries announced in February 2011 the firm separates its copper alloy fabricating business to the newly established 100% subsidiary in October 2011.Japan Steel Scrap Composite Prices (Sangyo Press)
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