Sumitomo Electric Industries and Sumitomo Electric Cemented Carbide announced that it will set up a base for mass production of super-hard alloy drill bits and diamond sintered body tools in Changzhou City, Jiangsu Province - Sumitomo Electric Hard Alloy (Changzhou) Co., Ltd. (hereinafter referred to as SHMC). On April 5, 2011, an agreement was signed with Wujin High-tech Industrial Development Zone to establish SHMC. In emerging market countries such as China, India, Brazil and Russia, the demand for cutting tools for processing automotive parts is expanding, especially as China is growing rapidly. In addition to the automotive sector, demand in the steel, railway and construction sectors has also increased significantly. The mass production base was set up to meet this demand. In response to the needs of emerging market countries, Sumitomo Electric Group has invested approximately 12 billion yen in equipment procurement in 2010, strengthening the production of cutter-replaceable cutters and super-hard alloy drills in Japan, and at the same time, to meet customer needs. The engineering center has also enhanced the production capacity of super-hard alloy materials, diamond sintered body materials and cBN sintered body materials. Moreover, the group is also scheduled to invest approximately 18 billion yen in 2011, mainly to expand global production capacity and tungsten recycling business. In China, Sumitomo Electric Hardmetal Trading (Shanghai) Co., Ltd., headquartered in Shanghai, has previously strengthened its marketing system by setting up operations in major cities such as Beijing, Guangzhou, Dalian and Chongqing. Sumitomo Electric decided to set up SHMC after repeatedly considering the strengthening measures of China's domestic production and supply system. SHMC plans to start production in October 2011 with a registered capital of $11.7 million. 100% contributed by Sumitomo Electric Cemented Carbide. After the production, the cost of the super-hard alloy drill bit and the diamond sintered body tool will be greatly reduced. In addition to China, it is also scheduled to supply products to Europe and other Asian countries. The sales target for fiscal 2012 is approximately 1.3 billion yen, and in 2013 it is approximately 3 billion yen.
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