JV for Sintered Parts Established
Sumitomo Electric Industries, Ltd. agreed with two major Indonesian corporations, WLK Group and Santini Group, to establish a joint venture to manufacture and sell sintered parts in the country. Sumitomo Electric Industries will also launch a new company in Indonesia to provide cutting tools to be used for manufacturing sintered parts. It is expected that these two industrial materials businesses will create various synergies, particularly in reducing costs and tool inventory as well as facilitating material procurement. The joint venture, PT. Sumiden Sintered Components Indonesia, is scheduled to start operation in February 2013 and employ approximately 120 workers.