Sumitomo Corporation to Transfer Shares of Company Engaged in Airbag Cushion Manufacturing and Sales

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and CEO: Shingo Ueno) has announced that it will transfer its shares (82.84%) in Sumisho Airbag Systems Co., Ltd. (Head Office: Matsuura City, Nagasaki; President and CEO: Tatsuhisa Hiramatsu), a company engaged in the manufacture and sales of cushions for airbags, to SC Airbag Holdings Co. Ltd. (Head Office: Chiyoda-ku, Tokyo; Representative Director: Oh Okochi). SC Airbag Holdings was established in May 2024 as a wholly owned subsidiary of a fund formed by REVA Corporation, an independent investment company in which Sumitomo Corporation is a minority equity investor and provides personnel. The share transfer is scheduled to be completed in early November 2024, subject to various legal approvals.

Sumitomo Corporation’s Medium-Term Management Plan 2026 announced in May 2024 calls for business portfolio transformation, and this project is part of that effort.
Sumitomo Corporation will record a loss of approximately 5 billion yen, equivalent to our equity interest, as a result of this stock transfer, and the impact on our business performance has been factored into our annual profit forecast for FY2024.

Outline of Sumisho Airbag Systems

Company Name:Sumisho Airbag Systems Co., Ltd.
Established:November 25, 2004
Location:Matsuura City, Nagasaki
Net sales:7.9 billion yen (fiscal year ending March 2024)
Employees:323 (as of March 31, 2024)
Business Overview:Manufacture and sale of side curtain airbag cushions for automobiles
Major Shareholders and Shareholding Ratios:Sumitomo Corporation 82.84%, Suminoe Textile Co., Ltd. 16.84%, Asahi Kasei 0.32
Major Clients:Autoliv, Joyson Safety Systems, Toyoda Gosei, etc.

Outline of SC Airbag Holdings

Company Name:SC Airbag Holdings Co. Ltd.
Established:May 14, 2024
Location:Chiyoda-ku, Tokyo
Representative Director:Oh Okochi
Business Overview:Acquisition, holding and management of securities
Major Shareholders and Shareholding Ratios:REVA Investment Limited Partnership No.1 100%