09
May
13:48
NSSMC cuts stake in Sumitomo Precision Products
Japan’s Nippon Steel and Sumitomo Metal Corporation (NSSMC) announced Tuesday that it had completed its planned sale of a part of its stake in Sumitomo Precision Products. The sale came as both NSSMC and Sumitomo Corp rationalise their businesses, Kallanish notes.
NSSMC sold down its stake from 40.59% to 14.51%, while group company Nippon Steel and Sumikin Precise Machining holds another 0.13% share. The sale was to Sumitomo Corp, which is already the cont…
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