Sumitomo Electric Acquires U.S. Powder-Metal Company
Sumitomo Electric Industries Ltd. acquired Keystone Powdered Metal Co., a Pennsylvania-based manufacturer of powder-metal components and assembly parts. The powder-metal components business of Sumitomo Electric Group supplies a variety of products primarily to Japanese manufacturers of cars and automotive parts. The acquisition will enable Sumitomo to expand sales networks for U.S. car manufacturers and auto-parts manufacturers as well as enhance its presence in the U.S. Keystone, which will gain access to expanded resources from the deal, has three locations: St. Marys, Pa.; Lewis Run, Pa.; and Cherryville, N.C. The acquisition is scheduled to be completed by the end of September.