(Fostoria, Ohio) - The sale of Norton Manufacturing Company here to Sumitomo Metal Industries and Sumitomo Corporation has been completed, according to a news release posted to Sumitomo Metals website.

The deal, signed in August 2007, has led to newly-established SMI Crankshaft at the former Norton site that will operate as an integrated manufacturing system, providing things from base metal manufacturing to forging and machining.

Sumitomo Metals has a leading share in the global automotive crankshaft market, about eight percent based on its. The company supplies the U.S. market through Kentucky-based International Crankshaft Inc. 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 have begun 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 – which includes lathe turning, polishing, and heat treatment - and company officials say this has enabled them to establish an integrated manufacturing system.

Shareholders Sumitomo Metals (60%) and Sumitomo Corp. (40%) – both based in Japan - paid $25.5 million for Norton, which employs about 250. The company reported $43 million in sales in 2007. International Crankshaft employs about 150 and produces about 1.6 million crankshafts annually.

For more information on Sumitomo Metals visit http://www.sumitomometals.co.jp/e/. For more information on Sumitomo Corp visit http://www.sumitomocorp.co.jp/english/.

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