Sumitomo Metal merger

03/01/1998

Sumitomo Metal merger

Sumitomo Metal Industries is planning to merge operations with its wafer-making subsidiary, Sumitomo Sitix, and will fund a new 50 billion yen ($377 million) plant in Imari, Saga Prefecture, Kyushu Island. Industry observers in Japan have noted that the merger will give Sumitomo Metal a better position in the electronics business. First year funding of the new large-diameter wafer manufacturing facility will be 10 billion yen. Sumitomo Sitix has already purchased 45,800 m2 of land adjacent to its existing plant in Imari for the project.