By Jenniffer B. Austria

Sumitomo Corp. of Japan has formed a local unit, called Sumitomo Corp. of the Philippines, to engage in manufacturing electronics and semiconductors in the Philippines.

Articles of incorporation filed with the Securities and Exchange Commission show the local unit will have an authorized capital stock of P518 million. At least 25 percent of the authorized capital stock has been subscribed and paid by Sumitomo Corp Asia Pte. Ltd.

Sumitomo’s local unit aims to manufacture, import, assemble and develop products, including raw materials, semi-finished products for assembly and sale to customers and registered enterprises located in special economic zones.

It will also to engage in warehousing operations, specifically storage, deposit, importation of semi-finished goods, for sale to Philippine Economic Zone Authority-registered export enterprises.

Sumitomo is the world’s leading trader and distributor of steel, chemicals, mining, construction and finance.

Currently Sumitomo has various investments in the country including a First Philippine Industrial Park, which is in joint venture with First Philippine Holdings Corp. of the Lopezes.

Sumitomo, through its unit Sumitomo Fruits Corp. (Sumifru), earlier expressed interest to expand its banana plantation business in Mindanao by another P1 billion.

The company is also looking at nickel mining project in Surigao del Norte.