Sumitomo Electric announced today that it has established a new company in Shanghai, focusing on sales of its electronic products, flexible printed circuit boards, heat-shrinkable sleeves and other electronic products.

The new company name is Sumitomo Electric Electronic Products Trading (Shanghai) Co., Ltd., and it has 90 employees as of December last year. The company has already been put into operation earlier and is a wholly-owned subsidiary of Sumitomo Electric, with a total investment of 320 million yen (about 20 million yuan).

Sumitomo Electric is accelerating the layout of overseas markets to respond to the growing overseas business. Last year the company established new sales companies in Southeast Asia and Europe, and is currently considering expanding its business in North America and South Korea.

Sumitomo Electric stated in its statement: "The integration of sales functions through this time not only helps to increase the efficiency of sales activities, but also aims to strengthen marketing activities that cover the entire Chinese market (in terms of product areas and customers). At the same time, the four companies originally engaged in manufacturing and sales will continue to focus on product manufacturing in the future."

With the rising market demand in China, Sumitomo Electric expects its sales to increase by 50 billion yen (about 2.9 billion renminbi) year-on-year in 2018.

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