Last year, Sumitomo Electric and Sumitomo Wiring Systems established a holding company in the Netherlands jointly with OAO Zavod Radioapparatury, a communications equipment and electric wire manufacturer. The holding company subsequently founded a wholly owned subsidiary in Russia, to manufacture and sell wiring harnesses for automobiles. This July, the opening ceremony for the subsidiary was held.
Recently, the automotive market in Russia has been expanding, presenting a forecast of continuing growth. Using our production and quality know-how developed on a global scale, the Sumitomo Electric Group will continue to try to actively capture demand in the growing Russian market.