Sumitomo Electric Industries to acquire a majority stake in Sumitomo Riko for JPY133.3bn.

Sumitomo Electric Industries, a Japanese company engaged in the development, manufacture, and sale of electric wires and cables, optical fibers and cables, automotive components, industrial materials, and electronic devices, offered to acquire a majority stake in Sumitomo Riko, a Japanese company that develops, manufactures, and sells automotive anti-vibration rubber products, hoses, sealing materials, industrial hoses, and other rubber and polymer components, for JPY133.3bn. "We now look forward to accelerating collaboration with Sumitomo Riko to tackle industry trends such as CASE (connected, autonomous, shared/service, electric) and other important matters, and we will strive to create synergy. Although the capital relationship with Sumitomo Densetsu will be dissolved, the cooperative relationship we have built over the years through our work with electric power companies and other customers is still important to us, and thus we will continue making efforts to enhance each other’s corporate value," Osamu Inoue, Sumitomo Electric Industries' President & COO.