September 6, 2018
Sumitomo Corporation of Americas (SCOA), the largest subsidiary of Sumitomo Corporation, a global trader of goods and services, has made a minority investment in Sintavia, a Tier One metal additive manufacturer 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,” says 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,” says 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.
Sources: Press materials received from the company.