Sumitomo Corporation hereby announces that it has resolved at its Board of Directors meeting held today that it will transfer a part of its mineral resources business (hereinafter, 'this Company Split') to Summit CRM, Ltd. (hereinafter, 'Summit CRM'), a wholly owned consolidated subsidiary, effective April 1, 2023, as detailed below.

Certain information has been omitted from this announcement since this Company Split is a simplified absorption-type split in which Sumitomo Corporation will transfer the assets to its wholly owned consolidated subsidiary.

Purpose of this Company Split

Sumitomo Corporation, via this Company Split, will transfer the following businesses (hereinafter, 'Relevant Businesses') to Summit CRM and consolidate certain functions, thereby aiming to further increase corporate value as a group.

Business related to artificial graphite electrodesfor steelmaking (hereinafter 'Electrodes'), Business related to graphite cathode blocks for aluminum smelting and other special carbon products (hereinafter 'Cathodes')

While Sumitomo Corporation had previously transferred part of its carbon business to Summit CRM, it has been determined to transfer the Relevant Businesses as well since Summit CRM is now equipped to achieve further growth. We have come to the conclusion that it is in the best interests of the Sumitomo Corporation Group and our business partners to expand our revenue base by forming a professional organization within Summit CRM and providing further added value.

Cautionary Statement Concerning Forward-Looking Statements

This report includes forward-looking statements relating to our future plans, forecasts, objectives, expectations and intentions. The forward-looking statements reflect management's current assumptions and expectations of future events, and accordingly, they are inherently susceptible to uncertainties and changes in circumstances and are not guarantees of future performance. In light of the many risks and uncertainties, you are advised not to put undue reliance on these statements. Sumitomo Corporation is under no obligation and expressly disclaims any such obligation to update or alter its forward-looking statements.

Contact:

Shuichi Nagasawa

Tel: +81-3-6285-3100

(C) 2023 Electronic News Publishing, source ENP Newswire