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Sumitomo benefits from domestic market recovery
May. 14, 2008
Sumitomo Chemical recorded higher sales of agrochemicals in Japan in the year to March 31st 2008. Sales early in the year were hit by inventory adjustments in distribution channels, but the completion of these adjustments allowed the domestic market to recover, Sumitomo says. The company also recorded "firm" sales of its household insecticides in overseas markets.
Higher sales prices and volumes resulted in a 1% increase in sales to ¥200,378 million ($1,926 million) for Sumitomo's agricultural chemicals division, which includes feed additives. However, divisional operating income fell by 10.1% to ¥20,914 million ($201 million) because of one-time costs associated with the integration of Sumitomo Chemical Takeda Agro. Sumitomo acquired Takeda's agrochemical business in 2002 and embarked on a programme to fully integrate the operation by 2007.
During the year, Sumitomo acquired an 80% shareholding in the UK agrochemical distributor, Interfarm. The move was part of Sumitomo's strategy to establish direct distribution operations in overseas markets.
Source: Sumitomo
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