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Press Release – February 28th, 2022

Keystone Powdered Metal Company (“KPMC”) and Engineered Sintered Components Company (“ESC”), both affiliates of Sumitomo Electric Industries (SEI), are pleased to announce their planned merger on or about March 31, 2022. Already members of the thriving SEI Sintered Metal Components Division, this merger is intended to leverage synergies that will strengthen the product/process portfolio and technical expertise of a new leaner and more agile manufacturer of powder metal components for the North American automotive, outdoor power equipment, and industrial equipment markets. The merged entity will retain the Keystone Powdered Metal Company name.

Keystone was founded as a private company in 1927 and has been a leader in the powder metal industry, responsible for many product innovations over its history. KPMC’s company headquarters and primary manufacturing facility is located in St. Marys, Pennsylvania. In addition, they have two satellite plants in Lewis Run, PA and Cherryville, NC. Keystone was acquired by Sumitomo Electric Industries in 2016 and has become the flagship for the North American powder metal production group.

ESC is located in Troutman, NC, about 45minutes from Keystone’s Cherryville facility. It was started in 1989 as a joint venture between Sumitomo Electric and Eaton Corporation for automotive valve train component manufacturing. Over time, Sumitomo gained majority ownership and grew the business to become a premier supplier powder metal components, specializing in machined product.

KPMC President Michael Stauffer commented, “….. the synergies of the two Companies led us to the decision to pursue the merger. Today’s KPMC product mix slants heavily toward large tonnage highly engineered transmission components while ESC is more focused on high precision engine components. We believe our customers will derive significant value from this merger.” ESC President Marty Todd added, “……merging the two complementary technical staffs will serve our customers well into the future.”