In its business results for the fiscal year ended March 31, 2023 (IFRS basis), Sumitomo Riko posted sales of 541.01 billion yen ($3.92 billion), up 21.3% year-on-year; business profit of 17.87 billion yen, up 176.3%; and net income of 6.68 billion yen, compared with a loss of 6.35 billion yen in the previous year. By business segment, sales in the...
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Sumitomo Riko, in collaboration with Ginreilab, has completed a Microphysiological Systems (MPS) prototype, which can be used to confirm the efficacy and evaluate the safety of pharmaceuticals and other products, the company revealed at the 22nd Annual Meeting of the Japanese Society for Regenerative Medicine. In recent years, the global trend has been to verify the efficacy and safety of...
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Sumitomo Riko has joined the Culnet Consortium, an open innovation platform for cellular agriculture presided over by Integriculture. With the world population expected to reach 10 billion by the 2050s and concerns over food shortages due to depletion of energy, feed, land, and water, cellular agriculture to produce cultured meat is attracting attention as one alternative protein source. Integriculture is...
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Industrial hose manufacturer Sumitomo Riko Hosetex is expanding production capacity at its production bases in Japan (Kyoto), China (Hefei, Anhui Province) and India (Neemrana, Rajasthan) in response to strong demand for high-pressure hoses (wire braid hoses). The plan was decided in August 2021, with an investment of approximately 1 billion yen ($7.43 million). The expansion is scheduled to be completed...
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Sumitomo Riko has signed a joint development agreement with LanzaTech, a U.S. biotechnology company with carbon capture and conversion technologies, for the transition to a circular economy for rubber, resin, and urethane wastes. Through this initiative, both parties will establish new technologies and accelerate efforts to realize a sustainable society, including carbon neutrality and circular economy. Sumitomo Riko provides a...
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Are we on the way toward a full-fledged recovery in demand? As rubber and plastic product manufacturers continue to announce their first half (April-September) earnings results for the fiscal year ending March 31, 2023, a recovery trend becomes visible in the automobile industry, the main source of demand. With the global economic outlook uncertain, it remains to be seen whether...
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