“As a novelty, the Japanese will help us develop other business lines as well, such as the distribution of agricultural machinery. We hope to enter this segment next year,” Alcedo president Nicolae Sandulescu said Tuesday.
The company will import Japanese and European agricultural machinery.
Japanese group Sumitomo took over 90% of Romanian fertilizer supplier Alcedo.
Prior to the takeover, Alcedo was owned by six individuals, each with stakes between 10% and 19.5%. The company has a market share of some 20% on the pesticide distribution segment and 10% on the seed distribution segment.
Sumitomo is one of the largest Japanese corporations, with operations in heavy industry, chemistry, financial services, mining and metallurgy, electrical installations, electronics, construction and construction materials, real estate, forestry, automotive and IT.
Sumitomo operations include car maker Mazda, tire maker Dunlop, electronics maker NEC and financial group Sumitomo Mitsui, one of the largest banks in Japan.