July 4, 2008
Sumitomo, Sekisui to Jointly Make Water Tubes in Russia
Tokyo, July 4 (Jiji Press)--Japanese trading house Sumitomo Corp. and Sekisui Chemical Co. will jointly make reinforced plastic tubes for water supply and sewerage systems in Russia, the two companies said Friday.
The companies will set up a joint venture near St. Petersburg with a local firm to start production in late December, aiming for sales of 5 billion yen in fiscal 2011.
The new company, LLC Sumi-Lon, is owned 40 pct by Sumitomo, 30 pct by Sekisui Chemicals and the rest by ZAO Vodokanalstroy, a local water and sewerage firm.END
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