Together with its Sumitomo Electric Sintered Alloy subsidiary, Sumitomo Electric Industries is to acquire German sintered parts maker Cloyes Europe.
Sintering, a method of making objects from powder, is used in the making of parts for auto components such as engines and transmissions. By acquiring Cloyes Europe, based in Sachsen in eastern Germany, Sumitomo aims to supply parts to Japanese auto parts makers operating in Eastern Europe, it said.
Sumitomo Electric and its subsidiary will acquire respective stakes of 40 per cent and 60 per cent in the German firm.
After the acquisition, the company will be renamed Sumitomo Electric Sintered Components (Germany).
In 2006, Cloyes Europe reported sales of around $6.75m. 85 per cent of the company is presently held by US-based Cloyes Gears and Products and the remaining 5 per cent by Japanese trading house Sumitomo.
The acquisition is scheduled to be completed by the end of September 2007. The value of the deal was not disclosed.
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