Sumitomo swoops...
Sumitomo swoops
Sumitomo Electric Industries and its
wholly owned subsidiary Sumitomo Electric Sintered Alloys,
based in Japan, has acquired Cloyes Europe. Located in
Zittau, Germany, the automotive PM parts operation was owned
by Cloyes Gear & Products of Fort Smith, Arkansas, and its
minority partner, Sumitomo Corporation Group.
The new company will be called Sumitomo Electric Sintered
Components Germany GmbH. Cloyes opened the PM parts plant in
2003. The plant has about 80 employees and specialises in auto
engine parts.
The Sumitomo Electric Group operates PM parts plants in Japan, North America, and Asia. The acquisition will allow the group to have a new production site in the growing Eastern European automotive market. Sumitomo says the acquisition will lead to a reorganization of its supply structure in major overseas markets and meet the local needs of Japanese transplants as well as expanding its role in Europe.
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