Sumitomo Corporation (Head office: Chiyoda-ku, Tokyo; Representative Director, President and CEO: Masayuki Hyodo), together with Osaka Gas Co., Ltd. (Head office: Chuo-ku, Osaka; President: Masataka Fujiwara), has been engaged in water business in UK at Sutton and East Surrey Water plc ('SESW'), a UK water utility company, through Sumisho Osaka Gas Water UK Ltd. ('SOGWUK'), a joint venture with Osaka Gas since 2013.
On January 10, 2024, Sumitomo Corporation and Osaka Gas have transferred all shares in SOGWUK, including Osaka Gas' 50 percent stake, to Pennon Group plc, a UK-based water utility company.
Sumitomo Corporation has set a goal and has been working to shift its business portfolio under its Medium-Term Management Plan 'SHIFT 2023' and executing strategic asset replacement. Sumitomo Corporation will continue to reinforce and develop its primary earning pillars by leveraging its strengths utilizing management capital including operation know-how acquired from this UK water business.
The impact of this sale on the consolidated financial results for the fiscal year ending March 31, 2024 has been included in the consolidated earnings forecasts published on November 2, 2023.
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
