Sumitomo Gets FTC OK On $340M Steel Wheels Buy

Law360, New York (August 18, 2011, 8:12 PM EDT) -- The Federal Trade Commission on Wednesday gave a green light to Sumitomo Metal Industries Ltd.’s $340 million acquisition of Steel Wheels Acquisition Corp. from Trimaran Capital Partners, finding that the deal presented no antitrust concerns.

The agency granted early termination under the Hart-Scott-Rodino Act of its antitrust review of the deal, which Japan-based Sumitomo Metal announced June 27.

The company is now poised to buy Steel Wheels, which owns Pennsylvania-based Standard Steel LLC, one of the leading makers of railway wheels and axles in North America....
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