Mutual agreement between Sumitomo Corporation and Hugo Pfohe GmbH has been reached on November 21, 2017, to change the ownership of the Moto-Pfohe Group, Bulgaria. The official Contract has been signed between the present proprietor Philip Pfohe and Tomohiro Yoneyama, Unit General Manager of the Transportation and Construction Systems Business Unit of Sumitomo Corporation Europe Ltd.

Moto-Pfohe, the official representative of Ford, Volvo, Jaguar and Land Rover in Bulgaria, is the most successfully developing automotive company in the country and industry leader for the last 26 years. With the acquisition by Sumitomo Corporation the Moto-Pfohe Group becomes part of one of the largest integrated trading and investment groups in the world, with a 400 year history and offices in 65 countries. This is a huge step forward for Moto-Pfohe, providing the company with new opportunities for further growth and intensive development of its potential in order to reach even greater success in the future. With recognition of the excellent image, eminent financial stability and progressive business achievements of the company, the name Moto-Pfohe, its management and structure remain unchanged after the ownership change.

”I am happy with the fantastic success of Moto-Pfohe for the last 26 years after its establishment by my father, Karl-Heinz Pfohe. It is time for the company to further develop its potential. Therefore with Sumitomo Corporation I found the best possible investor, who can guarantee the further business growth of the Moto-Pfohe Group”, said Philip Pfohe while signing the contract.

Tomohiro Yoneyama commented: “Sumitomo Corporation was attracted to Moto-Pfohe for its outstanding track record and strong market position in Bulgaria. Sumitomo has significant automotive experience which we will share with Moto-Pfohe to build on its strong foundations and to support the next phase of the company’s development. Equally, we have plenty to learn from Moto-Pfohe and have every expectation that the company will contribute to and complement our automotive franchise in Europe. We look forward to working with Moto-Pfohe’s management team and employees, as well as its customers and other stakeholders.”

After confirmation of the Contract by the Commission for Protection of Competition, the acquisition and change of ownership of Moto-Pfohe will be finalized.