Sumitomo Chemical announces that its Board of Directors resolved to reorganize its group structure through the transfer of ownership interests of a wholly owned subsidiary of the Company in the United States and a wholly owned subsidiary of this subsidiary (a sub-subsidiary of the company) at a meeting of the Board of Directors held on September 30, 2022.

As of October 31, 2022, Sumitomo Chemical America (SCAI), a wholly owned subsidiary of the company, will contribute in kind its entire ownership interests in Valent U.S.A. (VUSA), a wholly owned subsidiary of SCAI, to Valent North America (VNA), which is another wholly owned subsidiary of SCAI and a sub-subsidiary of the company.

Furthermore, VUSA will distribute in kind its entire ownership interests in Valent BioSciences (VBC) to VNA on the same day. As a result, VUSA and VBC will become wholly owned subsidiaries of VNA. VNA will take over some of the administrative functions, such as accounting and legal, of VUSA and VBC.

This reorganization is intended to clarify the roles and responsibilities of each of the three entities, namely VUSA leading the Sumitomo Chemical Group’s crop protection products business in North America, VBC leading the Group’s biorational products business globally, and VNA providing shared corporate services to the Sumitomo Chemical Group companies in North America, primarily VUSA and VBC, and to drive faster decision-making for each of these businesses.