Ameriforge Buys Prince, Sumitomo Acquires Norton

Machining capabilities add processing strength for two forgers

September 4, 2007 — In separate moves to add downstream machining capabilities, Ameriforge Group Inc. purchased the business and assets of Prince Industries for an unreported price, and Japanese conglomerate Sumitomo Metal Industries Ltd. agreed to buy Norton Manufacturing Co., for a reported $50 million.

Prince Industries performs precision machining for large seamless rolled rings and other forgings, for applications in power generation and aerospace, as well as other industries. Ameriforge is a manufacturer of forgings for PGI and aerospace, as well as connectors and seals, and transportation and oil/gas markets. Prince, Carol Stream, IL, will be consolidated with Ameriforge's Steel Industries Inc. subsidiary in Redford Twp., MI. That operation was expanded recently with additional heat-treating and aluminum processing capabilities.

According to Ameriforge president and CEO David Heminger, "The acquisition of Prince Industries continues our aggressive growth by deepening our precision machining capabilities and operational competencies to the benefit of our key customers. Prince Industries has done business with Ameriforge during the past several years, both in the machining of forged components and precision forge-die production."

Norton Manufacturing, Fostoria, OH, is a specialty machining operation that specializes in crankshaft processing, both forged and cast products. In a statement, Sumitomo said adding Norton's operations wlll allow it to establish a "comprehensive crankshaft production framework, from base material production to forging and machining." Norton will be 60% owned by Sumitomo Metal Industries, the manufacturing arm of the organization, and 40% owned by Sumitomo Corp., which is a trading group.

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