Sumitomo Metal Industries and Sumitomo Corporation have completed the acquisition of Norton Manufacturing Company. The deal was agreed in August 2007 and sees the start of operations at the newly-established SMI Crankshaft.
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The deal gives Sumitomo Metals an integrated manufacturing system, from base metal manufacturing to forging and machining.
Sumitomo Metals has a leading share in the global automotive crankshaft market (approximately 8%) and supplies the US market through International Crankshaft (Kentucky), a joint business venture between Sumitomo Metals and Sumitomo Corp, in addition to exports from the company’s Osaka Steel Works.
Sumitomo Metals said: “Automotive or engine manufacturers conventionally carry out machining processes of crankshafts by themselves. In recent years, however, they began 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 us to establish an integrated manufacturing system,” the company said.
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By GlobalDataSMI Crankshaft will be located in Fostoria, Ohio, headed by Makoto Tsuruhara, seconded from Sumitomo Metals. The company is 60% owned by Sumitomo Metals and 40% by Sumitomo Corp. It will employ approximately 250 people.
