December 21, 2024 – In a groundbreaking move, Shitian Technology announced on December 12, 2024, the successful completion of its comprehensive acquisition of Sumitomo Chemical Co., Ltd.’s (Sumitomo Chemical) polypropylene (PP) composites and thermoplastic elastomers (TPE) business in the Chinese market. With this strategic takeover, Shitian has also smoothly assumed control of production bases located in Zhuhai and Dalian. The acquisition encompasses Sumitomo Chemical’s entire portfolio in three core sectors: automotive interior and exterior components, household appliance materials, and automotive airbags and sealing systems.
By integrating Sumitomo Chemical’s cutting-edge technology and production equipment with its own strengths, Shitian aims to solidify existing partnerships and explore new avenues for cross-sector collaboration. This strategic merger marks a significant expansion of Shitian’s product line and adds another feather to its global business footprint.
Currently, Shitian’s factories in Shenyang, Dalian, Zhuhai, and Guangzhou are operating steadily, while its new project with Japan’s Shitian Corporation in Chongqing is progressing rapidly. This series of strategic deployments is undoubtedly fueling Shitian’s business expansion and enhancing its product delivery capabilities.
Sumitomo Chemical, a century-old enterprise with a global business network, holds a prestigious position in the global plastics industry, particularly for its PP and TPE products. On the other hand, Guangzhou Shitian Material Technology Co., Ltd., a leader in China’s polymer materials sector, boasts a fully integrated research, production, sales, and service system. Recognized as a national-level specialized and innovative “Little Giant” enterprise, it has also become a key global supplier to Japanese automakers.
This acquisition serves as another important milestone in Shitian’s development journey, signaling the company’s readiness to continue its success story on a broader international stage.