Japan’s Sumitomo acquires US-based Norton Manufacturing Company

Japanese steelmaker Sumitomo Metal Industries, Ltd. (Sumitomo Metals) and Sumitomo Corporation (Sumitomo Corp.) have announced the completion of the acquisition of Ohio, US-headquartered Norton Manufacturing Company Inc. in accordance with the agreement signed in August 2007 and has also announced the commencement of operations of the newly-established SMI Crankshaft LLC.
 
As a result of the acquisition, Sumitomo Metals has established an integrated manufacturing system, from base metal manufacturing to forging and machining. Sumitomo Metals will have a 60 percent share in the new company whereas the remaining 40 percent will be owned by Sumitomo Corp.
 
Sumitomo Metals has a leading share in the global automotive crankshaft market by approximately eight percent and supplies the US market through International Crankshaft Inc. (Kentucky), a JV between Sumitomo Metals and Sumitomo Corp., in addition to exports from the company's Osaka Steel Works.