On December 6, 2021, Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) agreed to sell 100 percent of the share of capital in Kienle + Spiess GmbH (Head Office: Sachsenheim, Federal Republic of Germany; CEO: Daisuke Kajikawa, hereinafter ”K+S” ), a manufacturer and supplier of motor core components, to Feintool International Holding AG (Head Office: Lyss, Switzerland; CEO?Knut Zimmer, hereinafter “Feintool”), a leading precision component machining company. Sumitomo Corporation is convinced that this sale is the most suitable decision for further development of K+S.
The sale is scheduled to be completed in 4th quarter of Fiscal Year 2021, when all the legally required authorization procedures have been accomplished.
Sumitomo Corporation has set a goal and has been proactively working to shift its business portfolio under its Medium-Term Management Plan “SHIFT 2023”. Sumitomo Corporation will continue to reinforce and develop its primary revenue streams by leveraging its strengths to complete SHIFT 2023.