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Sumitomo Metals and Sumitomo Corporation Acquire Norton Manufacturing Company

Sumitomo Metal Industries, Ltd. (Sumitomo Metals) and Sumitomo Corporation have completed the acquisition of Norton Manufacturing Company Inc., headquartered in OH, in accordance with the agreement made in August 2007, and have started operation of a newly-established SMI Crankshaft LLC….

Posted: November 11, 2008

Sumitomo Metal Industries, Ltd. (Sumitomo Metals) and Sumitomo Corporation have completed the acquisition of Norton Manufacturing Company Inc., headquartered in OH, in accordance with the agreement made in August 2007, and have started operation of a newly-established SMI Crankshaft LLC.
As a result, Sumitomo Metals has established an integrated manufacturing system, from base metal manufacturing to forging and machining.

Sumitomo Metals has a leading share in the global automotive crankshaft market and supplies the U.S. market through International Crankshaft Inc. (Kentucky), a joint business venture between Sumitomo Metals and Sumitomo Corp, in addition to exports from the company?s Osaka Steel Works. Automotive or engine manufacturers conventionally carry out machining processes of crankshafts by themselves. In recent years, however, they begin to outsource the processes in order to reduce investment and costs, in North America.
This is the first time for Sumitomo Metals to enter the machining business (lathe turning, polishing, and heat treatment), and this has enabled them to establish an integrated manufacturing system.

Profile of the new company

Name: SMI Crankshaft LLC

Location: Fostoria, Ohio, U.S.

President: Makoto Tsuruhara (seconded from Sumitomo Metals)

Paid in Capital: US$ 25.5 million

Shareholders: Sumitomo Metals (60 percent) and Sumitomo Corp. (40 percent)

Number of employees: Approximately 250

http://www.sumitomometals.co.jp/e/

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