Sumitomo Chemical to transfer shares in Sumika Color

Sumitomo Chemical decided to transfer its shares in Sumika Color to Nippon Pigment Company Limited (Nippon Pigment) and signed an equity transfer agreement with Nippon Pigment. The transfer is scheduled to take place on April 30, 2024.

Sumika Color has been engaged in the business of organic pigments, color masterbatch, and resin composite materials for many years. These businesses are facing a challenging business environment, including the increasingly mature Japanese market and sharply rising raw material and fuel prices.

As part of short-term focused performance improvement measures, Sumitomo Chemical Group is currently accelerating business restructuring based on profitability and the best owner perspective. The Group will continue to advance these efforts to lay a stronger foundation for a V-shaped recovery in fiscal 2024 and lay the foundation for future fundamental structural reforms.