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KITTANNING, PA, NOV. 29, 2000 - Hitachi Metals America, Ltd. (HMA),
a wholly owned subsidiary of Hitachi Metals, Ltd. of Tokyo, Japan, has
entered into an agreement to acquire SinterMet, Inc., a subsidiary of
ASKO, Inc. of Homestead, PA.
SinterMet, based in Kittanning, PA, is a world class manufacturer of
tungsten carbide rod mill rolls, and tungsten carbide rotary knives,
and will become a subsidiary of HMA.
HMA, celebrating its 35th anniversary, manufactures hot strip mill
rolls, ductile iron and aluminum castings for the automotive market,
magnetic materials for the telecommunications, computer, instrumentation
and audio equipment industries. Other key products are specialty steel
products for the electronics and consumer products markets and ferrite
components for the cellular communications industry.
HMA currently has manufacturing plants in China Grove, NC, Edmore,
MI, Mt. Pleasant, MI, Irwin, PA, Blossburg, PA, Lawrence Township, PA,
Newport, TN, and St. Marys, OH.
ASKO, founded in 1933, manufactures shear knives, slitter tooling,
saw blades, and wear parts for the metals industry. It serves the rolling
mill, service center, fabricator, and metals recycling markets from
facilities in the United States, the Netherlands, and Mexico.
Mark Sakae, President of Hitachi Metals America, Ltd., in announcing
the acquisition, stated that SinterMet's product line is a natural adjunct
to the existing product offerings within the Roll products group of
the Hitachi Metals Organization, and will create synergism which will
provide the customer with an even broader selection of world class products.
Under terms of the agreement, SinterMet, Inc. and ASKO, Inc. will cooperate
in the field of tungsten carbide rotary knives.
Bill Rackoff, President of ASKO Inc., stated that ASKO would re-deploy
the sale proceeds to further strengthen its market position as the world's
leading supplier of industrial knives to the metals industries.
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