Firm Got Its Start in Copper
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The roots of Sumitomo Corp., now embroiled in scandal over huge losses by a rogue copper trader, go back to the 17th century, when it was, ironically, a copper producer and refiner.
The House of Sumitomo was founded by Masatomo Sumitomo, a warrior-turned-monk who gave up the monastic life to begin a medicine and bookstore business. Once established, he learned a European-perfected copper-refining technique.
In 1690, Sumitomo acquired a large copper mine on the island of Shikoku and became the government’s official purveyor of copper, as well as a major exporter. It branched out beginning in the late 19th century into general trading, mining and finance.
Today, Sumitomo is one of the world’s biggest distributors of basic commodities such as metals and grains, as well as a broad array of industrial goods and consumer products.
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