Sumitomo Corporation of Americas Makes Strategic Investment in Sintavia
NEW YORK--(BUSINESS WIRE)--Sep 5, 2018--Sumitomo Corporation of Americas (“SCOA”), the largest subsidiary of Sumitomo Corporation, one of the world’s largest traders of goods and services, announced today that it made a minority investment in Sintavia, LLC, a leading Tier One metal additive manufacturer based in Davie, FL. The parties jointly announced that the purpose of the investment was to leverage SCOA’s network in the global Aerospace and Oil & Gas industries, while accelerating Sintavia’s stated growth plans throughout the world. Terms of the deal were not disclosed.
“SCOA has spent decades building an enormous global network within several industries, including Aerospace and Oil & Gas,” said Kenichi Hyuga, SVP and General Manager of SCOA’s Construction and Transportation Systems Group. “We believe Sintavia’s highly advanced technology will add immediate value to our current business relationships, and position us for even greater business opportunities in the future.”
“With SCOA as a long-term partner, we recognize that we are aligning ourselves with a global leader in multiple end markets that is committed to supporting our growth,” said Brian R. Neff, Sintavia’s Chairman and Chief Executive Officer. “Demand for Sintavia’s brand of quality AM production has boomed this year, and we recognize that in order to fully meet this demand over the coming years we will need to find a partner to help us manage growth. We believe we have found that partner in SCOA.”
In addition to supporting Sintavia’s growth and penetrating key end markets, the partnership is expected to generate additional synergistic benefits. The parties see potential through Sumitomo group companies to develop solutions, alongside strategic partners in the Aerospace industry, to optimize products by leveraging AM technology.
Another example of how the partnership could leverage SCOA’s subsidiaries and affiliated companies is through Sumitomo’s wholly-owned subsidiary, Howco, an integrated supply chain partner for the global Oil & Gas industry. Howco provides steel alloys, turnkey machined and assembled components, and other products for upstream segments of the Oil & Gas sector, for which they will seek industry-specific business development opportunities together with Sintavia.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has 8 offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world’s leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide. Its core business units include Tubular Products, Environment and Infrastructure, Steel and Non Ferrous Metals, Transportation and Construction Systems, Chemicals and Electronics, Media and IOT Applications, Real Estate, Mineral Resources and Energy, and Food. In collaboration with SCOA affiliated company, Presidio Ventures, an early stage investment firm headquartered in Silicon Valley for more than 20 years, SCOA is expanding its portfolio by incorporating new technologies emerging in traditional industries. For more information, visit www.sumitomocorp.com.
Sintavia is the global leader for independent metal AM for critical industries, including Aerospace & Defense and Oil & Natural Gas. With high-speed printers co-located alongside precision post processing equipment, a full complement of mechanical testing equipment, and a full metallurgical and powder laboratory, Sintavia is able to optimize parameters, serially manufacture, and audit quality parts for critical industries. Sintavia is committed to the highest quality standards in the industry, and holds Nadcap, AS9100, ISO17025, and ANAB accreditation, as well as being OASIS registered and ITAR compliant. For more information visit http://www.sintavia.com.
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Jewelle Yamada, +1-212-207-0574
Carolyn Allan, +1-954-474-7800
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA NEW YORK
INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING AEROSPACE
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PUB: 09/05/2018 07:30 AM/DISC: 09/05/2018 07:30 AM