Sumitomo Metal Mining Co. has decided to expand and strengthen its business in materials for the environmental and energy sectors, where continued growth is expected, the company announced Jan. 30.
The company has also decided to withdraw from its businesses in bonding wire, in production of lead frames in Thailand, and in subtractive chip on film (COF) production in Taiwan, for which growth strategies are uncertain.
Sumitomo said management resources will be directed from the latter businesses and toward businesses engaged in materials for the environmental and energy sectors, including battery materials and sapphire substrates.
The decisions came after the company examined "select and focus" initiatives involving businesses targeted for growth, and the sale of or withdrawal from businesses with uncertain mid- to long-term prospects.
Through these initiatives, the company aims to implement the business structure transformation that forms the core strategy of its materials business in the company's 2009 3-Year Business Plan.
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