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History
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The history of Sumitomo dates back to Masatomo Sumitomo (1585 - 1652), who opened a book and medicine shop in Kyoto in the 17th century. Masatomo left his teachings in the form of the "Founder's Precepts," in which he expounds concisely the points in conducting business. His precepts still serve as the foundation of the "Sumitomo spirit." Around the same time Masatomo's brother-in-law Riemon Soga (1572 - 1636), developed a copper smelting technology called "Nanban-buki (Western Refining)" to extract silver from crude copper. Tomomochi Sumitomo (1607 - 1662), further extended the business to Osaka which subsequently took the lead in the copper refining industry in Japan. During the Edo period, Japan was one of the world's leading copper producing countries. In 1691, the Besshi Copper Mine was opened, continued operations for 283 years, and served as a basis of Sumitomo business. |
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The Besshi Copper Mine, quickly adopted technology and equipment from overseas, and dramatically increased its production output. Later on, the Besshi Copper Mine also entered into related businesses, in quick succession, such as the machine and coal industries, electric cable manufacturing and forestry. Moreover, the "Namiai-gyo" finance business operating in Osaka developed into a banking business. The warehousing business, which was a part of this banking business, became independent, and developed into a modern financial group focusing on two major areas - mining and manufacturing, and financing.
With the postwar dissolution of financial groups, Sumitomo affiliated companies began to go their separate ways, and each company now plays an active part in their respective industry. The "Founder's Precepts" written by Masatomo Sumitomo still live on in the performance of Sumitomo affiliated companies as the "basis of the Sumitomo company spirit.
Milestones
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