Japan’s Sumitomo to invest in metal cutting
ISTANBUL- Hürriyet Daily News
Japan-based Sumitomo teams up with a local partner in Turkey for production. Company photoJapanese industrial giant Sumitomo, is gearing up to invest in heavy industrial production in Turkey, according to daily Sabah.
Sumitomo established a firm in Turkey called Sumisertmetal with its local Turkish partner last month, according to the source.
“Sumitomo Electric will expand its web of drills and industrial products designed to cut through heavy metal and will then begin the actual production,” Sabah quoted Sumisertmetal Turkish partner and Chief Executive officer (CEO) Edip Bayizitlioğlu, as saying.
Last week Sumitomo Electric’s upper management Takahiro Takadaya, Alex Murayama and Nozomi Tshijima came to Istanbul and said that at the first stage they would invest $20 million towards a budget for Turkey, but that this number would go up in the future said Bayizitlioğlu. The company plans to begin production by 2015.
Sumitomo has also opened offices in Brazil and Indonesia.
“The offices set up in these countries are completely managed by Sumitomo. In the case of Turkey, however, they wanted to come on board with a local partner. This is sign of their interest in our market,” added Bayizitlioğlu.
Sumitomo has been around since the 1600s and has automaker Mazda under its umbrella.