Japan Industrial Solutions Fund To Invest In Sumco

Japan Industrial Solutions Co. Ltd., a turnaround-flavored private equity firm, announced that JIS Fund 1 will acquire new shares issued by Sumco Co., a silicon wafer maker. Sumco, originally a joint venture between Sumitomo Metal and Mitsubishi Materials, has marked its third straight year in the red. Japan Industrial Solutions, which was set up by Development Bank of Japan and Japanese mega banks etc, has so far invested in Joban Kosan Co., a Fukushima-based resort facilities operator, which was battered heavily by the earthquake. This time JIS will play a major role in ensuring that Sumco carries out its restructuring plan.