Sumitomo Launches Agchem Company in Tanzania
22 May 2014 Japan’s Sumitomo Chemical said on Thursday it established a subsidiary called Sumitomo Chemical East Africa Limited in Arusha, Tanzania to boost its business in Africa and eventually sell its products there.
Through the new unit, it will carry out market surveys and research and development on chemicals for crops such as paddy rice and corn. After evaluating the market for its products, it said it will sell its agchem products in Africa.
The company also intends to enhance its environmental health business for Africa, including insecticides for household and public health uses.
In Africa, the agricultural market has potential to top $1 trillion by 2030 with rising populations, Sumitomo said, noting Africa’s uncultivated land suitable for growing food grains is 450 million hectares, accounting for more than half of the world’s area of such land.
Profile of the new company:
Name: Sumitomo Chemical East Africa Limited
Location: Arusha, Tanzania
Capital: 850 million Tanzanian shillings
Capital structure: Sumitomo Chemical Co. 84,999 shares
Sumitomo Chemical Agro Europe S.A.S. (a wholly owned subsidiary of Sumitomo Chemical) 1 share
President: Kimitoshi Umeda
Establishment: May 2014
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