Key Developments: Sumitomo Chemical Co Ltd (4005.T)
382JPY
17 May 2013
¥15 (+4.09%)
¥333
¥366
¥387
¥365
22,811,000
16,787,213
¥387
¥186
Latest Key Developments (Source: Significant Developments)
TANAKA CHEMICAL CORP Announces Business and Capital Alliance with Sumitomo Chemical Co Ltd
TANAKA CHEMICAL CORP announced that TANAKA CHEMICAL CORP and Sumitomo Chemical Co Ltd have reached an agreement to form a business and capital alliance, effective March 28, 2013. Through the business alliance, the two companies will be cooperating in the development of positive pole material of the second generation of lithium battery; the utility of manufacturing equipments; overseas sales network, among others. Through the capital alliance, The Company will issue 1,250,000 shares of its common stock, at the price of JPY 343 per share, or for JPY 428,750,000 in total, through a private placement to Sumitomo Chemical Co Ltd, effective April 15, 2013. After this, Sumitomo Chemical Co Ltd's stake in the Company will become 8.99%. Full Article
Polypore International Inc's Celgard, LLC Files Patent Infringement Lawsuit Against Sumitomo Chemical Company, Limited
Celgard, LLC (Celgard), a subsidiary of Polypore International Inc announced that it has filed a complaint in the U.S. District Court of the Western District of North Carolina against Sumitomo Chemical Company, Limited. The complaint alleges that Sumitomo Chemical has infringed Celgard's United States Patent No. 6,432,586 issued for an invention entitled, Separator for a High Energy Rechargeable Lithium Battery. The patent in the lawsuit covers ceramic composite layer lithium-ion battery separators first developed by Celgard for high-energy rechargeable lithium-ion batteries. This lawsuit has been filed after a period in which Celgard attempted to resolve its concerns with Sumitomo Chemical over infringement of Celgard's patent. Celgard is represented by the law firm Kilpatrick Townsend & Stockton, LLP. Full Article
Sumitomo Chemical Co Ltd Lowers Full-year Consolidated Outlook and Cancels Year-end Dividend Payment for FY 2013
Sumitomo Chemical Co Ltd announced that it has lowered its full-year consolidated outlook for revenue from JPY 2,020,000 million to JPY 1,970,000 million, operating profit from JPY 65,000 million to JPY 50,000 million, ordinary profit from JPY 62,000 million to JPY 45,000 million, net profit (loss) from JPY 10,000 million to JPY (50,000 million), and earnings (loss) per share from JPY 6.12 to JPY (30.59), for the fiscal year ending March 31, 2013. The Company lowered its full-year consolidated outlook mainly due to the decrease in demands in petrochemical area and extraordinary losses caused by impairment loss on fixed assets. According to I/B/E/S Estimates, analysts on average are expecting the Company to report its full-year consolidated outlook for revenue of JPY 1,978,640 million, operating profit of JPY 59,650 million and net profit of JPY 7,410 million, for the same fiscal year. The Company also has canceled its year-end dividend payment, which was announced as an undetermined value on October 31, 2012, for the same fiscal year. Full Article
Sumitomo Chemical Co Ltd Lowers Consolidated Full-year Outlook and Amends Year-end Dividend Outlook for FY Ending March 31, 2013
Sumitomo Chemical Co Ltd announced that it has lowered its consolidated full-year outlook for revenue from JPY 2,050,000 million to JPY 2,020,000 million, operating profit from JPY 80,000 million to JPY 65,000 million, ordinary profit from JPY 75,000 million to JPY 62,000 million, net profit from JPY 30,000 million to JPY 10,000 million and earning per share from JPY 18.35 to JPY 6.12 for the fiscal year ending March 31, 2013. This is due to the decreased sales of basic chemical and information electronic chemical businesses, as well as the recording of loss on valuation of investment securities. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 2,008.60 billion and net profit of JPY 20.76 billion. The Company also amended its year-end dividend outlook from JPY 3.00 per share, which was announced May 10, 2012, to an undetermined value, for the same fiscal year. Full Article
Sumitomo Chemical Co Ltd to Establish Joint Venture with SUMITOMO CORP and Renaissance Energy Research- CNT News
CNT News reported that Sumitomo Chemical Co Ltd, SUMITOMO CORP and Renaissance Energy Research will establish a joint venture in Tokyo, Japan, which will be engaged in the CO2 separation business capitalized at JPY 800 million, in 2012. Sumitomo Chemical Co Ltd, SUMITOMO CORP and Renaissance Energy Research will hold a 47.5% stake, a 47.5% stake and a 5% stake in the joint venture, respectively. Full Article
R&I Downgrades Rating on Sumitomo Chemical Co Ltd to "A-"; Rating Outlook Stable
Rating and Investment Information, Inc. (R&I) announced that it has downgraded the rating on Sumitomo Chemical Co Ltd from "A" to "A-". The rating outlook is stable. Full Article
Sumitomo Chemical Co., Ltd. Lowers Consolidated Mid-year and Full-year Outlook for FY Ending March 31, 2013
Sumitomo Chemical Co., Ltd. announced that it has lowered its consolidated mid-year outlook for revenue from JPY 1,050,000 million to JPY 990,000 million, operating profit from JPY 30,000 million to JPY 27,000 million, ordinary profit from JPY 26,000 million to JPY 18,000 million, net profit from JPY 10,000 million to JPY 0 million and earning per share from JPY 6.12 to JPY 0.00 for the fiscal year ending March 31, 2013. The Company also lowered its consolidated full-year outlook for revenue from JPY 2,230,000 million to JPY 2,050,000 million, operating profit from JPY 90,000 million to JPY 80,000 million, ordinary profit from JPY 95,000 million to JPY 75,000 million, net profit from JPY 40,000 million to JPY 30,000 million and earning per share from JPY 24.47 to JPY 18.35 for the same fiscal year. This is due to the increased raw material prices, as well as the decreased sale of healthy, agriculture, oil chemical and information electronic chemical related businesses. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 2,103.21 billion and net profit of JPY 34.09 billion. Full Article
Nufarm Ltd Expands Alliance With Sumitomo Chemical Co Ltd
Nufarm Ltd announced that new distribution arrangements with Sumitomo Chemical Co Ltd have been put in place for Canada and three European countries namely, Hungary, Romania and Ukraine. In Canada, Nufarm Agriculture Inc (Nufarm Agriculture) has become a distributor for crop protection and specialty products of Valent USA Corporation (Valent) and Valent BioSciences Corporation (VBC). Nufarm Agriculture is a Nufarm Group company, and Valent and VBC are companies of the Sumitomo Chemical Group. In Hungary, Romania and Ukraine, Nufarm has also become a distributor for Sumitomo Chemical. Nufarm’s local group companies in these countries will distribute Sumitomo Chemical’s insecticides including esfenvalerate and pyriproxyfen. In addition, in Ukraine, fenitrothion, which is in widespread use worldwide as Sumithion, will be distributed through a Nufarm local company. Full Article
Sumitomo Chemical Co., Ltd. Lowers Consolidated Full-year Outlook for FY 2012; Lowers Year-end Dividend Forecast for FY 2012
Sumitomo Chemical Co., Ltd. announced that it has lowered the consolidated full-year outlook for revenue from JPY 2,020,000 million to JPY 1,990,000 million, operating profit from JPY 75,000 million to JPY 65,000 million, ordinary profit from JPY 72,000 million to JPY 54,000 million, net profit from JPY 10,000 million to JPY 0 and earning per share from JPY 6.12 to JPY 0.00 for the fiscal year ending March 31, 2012. The negative outlook is mainly due to decrease of sale price, and decrease of sales. The Company has also lowered the year-end dividend forecast from JPY 6 per share, disclosed on October 31, 2011, to JPY 3 per share, for the fiscal year ending March 31, 2012. According to I/B/E/S Estimates, analysts on average were expecting the Company to report full-year revenue of JPY 1,992.18 billion, operating profit of JPY 73.95 billion and net income of JPY 10.30 billion. Full Article
DENKI KAGAKU KOGYO KABUSHIKI KAISHA to Fully Acquire Japan-based Company
DENKI KAGAKU KOGYO KABUSHIKI KAISHA announced that it will fully acquire a Japan-based company, which is mainly engaged in the manufacturing and sale of styrene monomer in Tokyo, Japan, and was joint established with Sumitomo Chemical Company, Limited. in January 1992. DENKI KAGAKU KOGYO KABUSHIKI KAISHA and Sumitomo Chemical holds 60% and 40% stakes in the Japan-based company, respectively, and DENKI KAGAKU KOGYO KABUSHIKI KAISHA will purchase the additional 40% stake from Sumitomo Chemical, on April 28, 2012. Full Article
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