An announcement from Sumitomo Chemical Co ( (JP:4005) ) is now available.
Sumitomo Chemical Co., Ltd. announced a strategic move involving its subsidiary, Sumitomo Pharma Co., Ltd., which plans to establish a new wholly-owned subsidiary to manage its Asian business. This business will undergo a simplified absorption-type company split, with 60% of the new company’s shares to be transferred to Marubeni Global Pharma Inc. The agreements are expected to strengthen Sumitomo’s financial foundation and leverage Marubeni’s global network for further growth, although the immediate financial impact is deemed immaterial.
More about Sumitomo Chemical Co
Sumitomo Chemical Co., Ltd. operates in the chemical industry, focusing on a diverse range of products and services, including pharmaceuticals through its subsidiary Sumitomo Pharma Co., Ltd. The company is listed on the Prime Section of the Tokyo Stock Exchange and is known for its strategic initiatives aimed at growth and market expansion.
YTD Price Performance: 26.73%
Average Trading Volume: 180
Technical Sentiment Signal: Sell
Current Market Cap: $4.05B
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