Sumitomo Group

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Sumitomo Group (住友グループ Sumitomo Gurūpu?) is one of the largest keiretsu, founded by Masatomo Sumitomo.

Contents

[edit] History

Igeta mark
Igeta mark

The Sumitomo group traces its roots to a bookshop in Kyoto founded circa 1615 by a former buddhist priest, Masatomo Sumitomo.[1] Considered its spiritual founder, even today management of the group is guided by his "Founder's Precepts", written in the 17th century.[1]

It was copper that made the company famous, however. When Riemon Soga, Masatomo Sumitomo's brother-in-law, learned purportedly Western methods of copper refining, he established a smelting business in 1590. This he named Izumiya, literally meaning "spring shop".[1] The advanced techniques Riemon perfected allowed extraction of silver from copper ore, something which Japanese technology had as yet been unable to accomplish.[1]

While the smelting & smithing business began in Kyoto, by the late 17th century it was moved to Osaka,[1] and Soga passed control of the company to his son Tomomochi who managed its transformation into a major trading house[2] during the Edo period.[3] Sumitomo began exporting copper,[4] importing silk,[4] providing financial services,[5] and by 1691 copper mining had been added as a business, too.[6][7][8]

The Meiji Restoration allowed Sumitomo to import and utilize Western machines and techniques in its mines.[6] Sumitomo soon branched out into even more business areas entering the machine and coal industries, as well as the forestry, banking and warehousing businesses[6] becoming a zaibatsu,[3] or business conglomerate.

[edit] 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.[1]

[edit] Sumitomo companies

[edit] References

  1. ^ a b c d e f Company Profile Sumitomo Electric
  2. ^ Sumitomo in History, part I: A Business Spirit Alive and Well After 400 Years, A Meeting with Copper Sumitomo Official Site
  3. ^ a b Sumitomo Group, Encyclopædia Britannica article britannica.com
  4. ^ a b Sumitomo in History, part II: Japanese Copper Across the Sea, Contributing to the Wealth of the Nation Sumitomo Official Site
  5. ^ Sumitomo in History, part III: Japan's Kitchen, New Businesses Emerge Sumitomo Official Site
  6. ^ a b c About Us Sumitomo Corporation Official Site
  7. ^ Sumitomo in History, part IV: Milestones, Major Copper Vein Discovered Sumitomo Official Site
  8. ^ Sumitomo in History, part VI: A Time of Adversity, The End of Rule by the Samurai Sumitomo Official Site
  9. ^ "Our Profile | Presidio". Presidiostx.com. http://www.presidiostx.com/ourprofile.html. Retrieved 2010-09-19. 
  10. ^ "Corporate History - Sumisho Computer Systems Corporation". Scs.co.jp. http://www.scs.co.jp/english/history.html. Retrieved 2010-09-19. 

[edit] External links

v · d · eJapan's Zaibatsu, Keiretsu, and modern Groups
Big 4 Zaibatsu (preceding World War II)
Second tier zaibatsu (preceding WWII)
Big 6 Keiretsu (until shortly after Japan bubble)
Mitsubishi • Mitsui • Sumitomo • Fuyo • Dai-Ichi Kangyo • Sanwa
Current Groups
Midori Kai • Mizuho Group • Mitsubishi • Mitsui • Sumitomo
Transitionary Keiretsu
Lesser Unaffiliated Groups
Retrieved from "http://en.wikipedia.org/wiki/Sumitomo_Group"
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