Topy Industries and Nippon Steel & Sumitomo Metal Corporation (NSSMC) have entered into discussions over the acquisition, by Topy Industries of Ring Techs Company, an NSSMC subsidiary.
Topy Industries operates a wide range of different companies including a wheel and automotive business and an iron and steel firm, not forgetting an industrial machinery enterprise.
NSSMC subsidiary Ring Techs Company was formed in 1952 as a producer and seller of steel wheels. In 1999 it became a wholly-owned subsidiary of Sumitomo Metal Industries.
According to NSSMC, “In order to respond to significant changes in the business environment surrounding the steel wheel business due to globalisation and competition with other products, and to continue to meet the various needs of domestic and overseas customers, Topy Industries and NSSMC decided that it would be effective to integrate and utilise the management resources of Topy Industries and Ring Techs.”
From a customer perspective, nothing much changes as Topy Industries and Ring Techs will continue to supply ‘high quality, competitive products’, claims NSSMC, with a view to achieving sustainable growth and development going forward.