<PAGE> 1
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
- --- SECURITIES EXCHANGE ACT OF 1934
For the period from January 1, 1994 to December 31, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
- --- SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number: _________
SINTER METALS, INC.
SAVINGS PLAN
(Full title of the Plan and the address of the Plan,
if different from that of issuer named below)
Sinter Metals, Inc.
Terminal Tower, 50 Public Square, Suite 3200
Cleveland, Ohio 44113
(Name of issuer of the securities held pursuant to
the Plan and the address of its principal executive office)
- --------------------------------------------------------------------------------
<PAGE> 2
SINTER METALS, INC. SAVINGS PLAN
(Formerly known as the Pennsylvania Pressed
Metals, Inc. Savings Plan) ("Plan")
Audited financial statements and schedules for the Plan
prepared in accordance with the financial reporting
requirements of the Employee Retirement Income Security Act of
1974, as amended, are filed herewith in lieu of an audited
statement of financial condition and statement of income and
changes in plan equity.
Financial Statements:
- ---------------------
Report of Independent Auditors
Statements of Net Assets Available for Plan Benefits,
December 31, 1995
Statements of Changes in Net Assets Available for Plan Benefits,
For the Period from January 1, 1995 through
December 31, 1995
Notes to Financial Statements
Schedules:
- ----------
Item 27a -- Schedule of Assets Held for Investment Purposes
December 31, 1995
Item 27d -- Schedule of Reportable Transactions For the Period from
January 1, 1995 through December 31, 1995
All other schedules are omitted as not applicable or not required.
Exhibit
- -------
23 - Consent of Independent Public Accountants
1
<PAGE> 3
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act
of 1934, an authorized representative of the Sinter Metals, Inc. Savings Plan
Administrative Committee has duly caused this annual report to be signed on the
Committee's behalf by the undersigned hereunto duly authorized.
SINTER METALS, INC.
SAVINGS PLAN
By The Sinter Metals, Inc. Savings
Plan Administrative Committee
Date: June 21, 1996
By /s/ Joseph W. Carreras
-------------------------------
Joseph W. Carreras,
Committee Chairman
2
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description of Exhibit
- ------- ----------------------
<S> <C>
23 Consent of Independent Public Accountants
</TABLE>
3
<PAGE> 5
SINTER METALS, INC.
SAVINGS PLAN
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1995 AND 1994
TOGETHER WITH REPORT OF
INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE> 6
SINTER METALS, INC.
-------------------
SAVINGS PLAN
------------
INDEX TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1995 AND 1994
--------------------------
Report of Independent Public Accountants
Statement of Net Assets Available for Plan Benefits
as of December 31, 1995
Statement of Net Assets Available for Plan Benefits
as of December 31, 1994
Statement of Changes in Net Assets Available for
Plan Benefits for the Year Ended December 31, 1995
Notes to Financial Statements
Exhibit 1 -- Item 27a--Schedule of Assets Held for
Investment Purposes as of December 31, 1995
Exhibit 2 -- Item 27d--Schedule of Reportable Transactions
for the Year Ended December 31, 1995
<PAGE> 7
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of
Sinter Metals, Inc. Savings Plan:
We have audited the accompanying statements of net assets available for benefits
of Sinter Metals, Inc. Savings Plan (the Plan) as of December 31, 1995 and 1994,
and the related statement of changes in net assets available for benefits for
the year ended December 31, 1995. These financial statements and the schedules
referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan as
of December 31, 1995 and 1994, and the changes in its net assets available for
plan benefits for the year ended December 31, 1995, in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedules of assets held for
investment purposes (Exhibit 1) and reportable transactions (Exhibit 2) are
presented for purposes of additional analysis and are not a required part of the
basic financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedules
have been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Cleveland, Ohio,
March 28, 1996.
<PAGE> 8
SINTER METALS, INC.
-------------------
SAVINGS PLAN
------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
AS OF DECEMBER 31, 1995
-----------------------
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------
Loan Fidelity
Fund Equity Fidelity Fidelity Fidelity
Holding Income Puritan Magellan Intermediate
Account Fund Fund Fund Bond Fund
------- -------- -------- -------- ------------
<S> <C> <C> <C> <C> <C>
NONINTEREST-BEARING CASH $ 625 $ - $ - $ - $ -
INVESTMENTS AT MARKET - 774,430 1,049,185 4,957,284 -
PARTICIPANT CONTRIBUTIONS RECEIVABLE - 5,563 10,245 35,332 -
PARTICIPANT LOANS RECEIVABLE 193,210 - - - -
EMPLOYER CONTRIBUTION RECEIVABLE - 71,078 106,492 398,331 -
ACCRUED INCOME RECEIVABLE 5 1 3 10 -
LOAN INTEREST RECEIVABLE (PAYABLE) (10,738) 643 1,168 4,130 -
INTERFUND TRANSFER (158) 9,371 (23,283) 84,428 -
------------ ---------- ------------- ------------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $182,944 $861,446 $1,143,810 $5,479,515 $ -
============ ========== ============= ============= ========
</TABLE>
<TABLE>
<CAPTION>
Participant Directed
-------------------------------------------
Fidelity Fidelity Sinter
Government Asset Metals
Money Market Manager Stock
Fund Fund Fund Total
------------ -------- ------ -----
<S> <C>
NONINTEREST-BEARING CASH $ - $ - $ 1 $ 626
INVESTMENTS AT MARKET 594,491 128,916 730,385 8,234,691
PARTICIPANT CONTRIBUTIONS RECEIVABLE 4,591 1,718 2,854 60,303
PARTICIPANT LOANS RECEIVABLE - - - 193,210
EMPLOYER CONTRIBUTION RECEIVABLE 114,941 15,460 26,202 732,504
ACCRUED INCOME RECEIVABLE - - 4 23
LOAN INTEREST RECEIVABLE (PAYABLE) 643 (70) 284 (3,940)
INTERFUND TRANSFER (16,573) (17,475) (36,670) -
------------ ------------ ----------- --------------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $698,093 $128,549 $723,060 $9,217,417
============ ============ =========== ==============
</TABLE>
The accompanying notes to financial statements are an integral part of this
statement.
<PAGE> 9
SINTER METALS, INC.
-------------------
SAVINGS PLAN
------------
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
---------------------------------------------------
AS OF DECEMBER 31, 1994
-----------------------
<TABLE>
<CAPTION>
Participant Directed
------------------------------------------------------
Loan Fidelity
Fund Equity Fidelity Fidelity Fidelity
Holding Income Puritan Magellan Intermediate
Account Fund Fund Fund Bond Fund
------- -------- -------- -------- ------------
<S> <C> <C> <C> <C> <C>
NONINTEREST-BEARING CASH (OVERDRAFT) $ - $ 254 $ 4,423 $ 5,107 $ -
INTEREST-BEARING CASH 31 - - - -
INVESTMENTS AT MARKET - 451,650 573,656 3,099,497 71,748
PARTICIPANT CONTRIBUTIONS RECEIVABLE - 8,937 10,239 52,908 1,200
PARTICIPANT LOANS RECEIVABLE 93,082 - - - -
EMPLOYER CONTRIBUTION RECEIVABLE - 76,974 96,991 439,919 15,765
ACCRUED INCOME RECEIVABLE 3 1 6 12 767
LOAN INTEREST RECEIVABLE (PAYABLE) (378) 492 197 4,242 75
INTERFUND TRANSFER (34) 13,698 93,825 (118,364) (89,416)
------- -------- -------- ---------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $92,704 $552,006 $779,337 $3,483,321 $ 139
======= ======== ======== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Participant Directed
----------------------------------------
Fidelity Fidelity Sinter
Government Asset Metals
Money Market Manager Stock
Fund Fund Fund Total
------------ -------- ------ -----
<S> <C> <C> <C> <C>
NONINTEREST-BEARING CASH (OVERDRAFT) $ - $ - $ (485) $ 9,299
INTEREST-BEARING CASH - - 566 597
INVESTMENTS AT MARKET 349,453 62,890 459,486 5,068,380
PARTICIPANT CONTRIBUTIONS RECEIVABLE 6,436 2,059 - 81,779
PARTICIPANT LOANS RECEIVABLE - - - 93,082
EMPLOYER CONTRIBUTION RECEIVABLE 89,562 22,504 - 741,715
ACCRUED INCOME RECEIVABLE 1,533 - - 2,322
LOAN INTEREST RECEIVABLE (PAYABLE) 513 - - 5,141
INTERFUND TRANSFER 45,186 9,834 45,271 -
-------- ------- -------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $492,683 $97,287 $504,838 $6,002,315
======== ======= ======== ==========
</TABLE>
The accompanying notes to financial statements are an integral part of this
statement.
<PAGE> 10
SINTER METALS, INC.
-------------------
SAVINGS PLAN
------------
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
--------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1995
------------------------------------
<TABLE>
<CAPTION>
Participant Directed
-------------------------------------------------------
Loan Fidelity
Fund Equity Fidelity Fidelity Fidelity
Holding Income Puritan Magellan Intermediate
Account Fund Fund Fund Bond Fund
--------- --------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of period $ 92,704 $552,006 $ 779,337 $3,483,321 $ 139
---------- -------- ----------- ---------- --------
INCREASES:
Investment income 154 17,836 32,383 32,618 395
Transfer between funds 435,525 28,860 30,309 151,363 15,127
Employee contributions 401(k) - 76,878 127,189 422,690 -
Employer contributions - 83,545 126,163 467,683 -
Rollover contributions - 18,272 18,272 - -
Loan interest income - 643 1,168 4,130 -
Realized and unrealized gains 16,424 160,342 146,946 1,201,266 116
---------- -------- ----------- ---------- --------
Total increases 452,103 386,376 482,430 2,279,750 15,638
---------- -------- ----------- ---------- --------
DECREASES:
Benefit payments/withdrawals 256,068 - - - -
Transfer between funds 92,371 76,936 117,957 283,556 15,777
Realized and unrealized losses 13,424 - - - -
---------- -------- ----------- ---------- --------
Total decreases 361,863 76,936 117,957 283,556 15,777
---------- -------- ----------- ---------- --------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of period $182,944 $861,446 $1,143,810 $5,479,515 $ -
========== ======== =========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
Participant Directed
-------------------------------------
Fidelity Fidelity Sinter
Government Asset Metals
Money Market Manager Stock
Fund Fund Fund Total
------------ ---------- ------ -----
<S> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of period $492,683 $ 97,287 $504,838 $6,002,315
-------- --------- -------- ----------
INCREASES:
Investment income 27,918 3,475 128 114,907
Transfer between funds 90,565 7,268 27,291 786,308
Employee contributions 401(k) 55,654 22,139 32,167 736,717
Employer contributions 126,054 18,366 30,479 852,290
Rollover contributions - - - 36,544
Loan interest income 643 - 284 6,868
Realized and unrealized gains - 15,507 196,737 1,737,338
-------- --------- -------- ----------
Total increases 300,834 66,755 287,086 4,270,972
-------- --------- -------- ----------
DECREASES:
Benefit payments/withdrawals - - - 256,068
Transfer between funds 95,424 35,423 68,864 786,308
Realized and unrealized losses - 70 - 13,494
-------- --------- -------- ----------
Total decreases 95,424 35,493 68,864 1,055,870
-------- --------- -------- ----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of period $698,093 $128,549 $723,060 $9,217,417
======== ========= ======== ==========
</TABLE>
The accompanying notes to financial statements are an integral part of this
statement.
<PAGE> 11
SINTER METALS, INC.
-------------------
SAVINGS PLAN
------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
DECEMBER 31, 1995 AND 1994
--------------------------
1. PLAN DESCRIPTION:
-----------------
The Sinter Metals, Inc. Savings Plan (the Plan) is a defined contribution and
profit sharing plan intended to comply with the provisions of Section 401(a) of
the Internal Revenue Code of 1986. The Plan was adopted on January 1, 1992.
Prior to 1995, the Plan was formally known as the Pennsylvania Pressed Metals,
Inc. Savings Plan. During 1995, the Plan's name was changed to The Sinter
Metals, Inc. Savings Plan.
All eligible employees of Sinter Metals, Inc. (the Company) may make pretax
contributions upon completion of one hour of service. Additionally, eligible
employees of the Company upon completion of one year of service may participate
in company matching and employer retirement contributions. All investment
decisions are participant directed.
Participants should refer to the Plan document for a full description of the
Plan.
Employer Contributions
- ----------------------
The employer matching contribution, if any, will be equal to 25% of the
participant's pretax contribution, not to exceed 1% of the participant's
compensation. Employer retirement contributions, if any, are made to qualifying
employees equal to 4% of the participant's covered compensation regardless of
whether the participant makes pretax contributions, as defined by the Plan
document.
Participant Contributions
- -------------------------
Participants may contribute, through payroll deduction, from 1% to 14% of
compensation. In no event may a participant's pretax contribution exceed $9,240
in 1995 and in 1994.
Participant Loans
- -----------------
Participants may borrow from the Plan any amount greater than $500 but less than
50% of the participant's rollover contribution and pretax contribution adjusted
account balance. In no event can the participant borrow more than $50,000. Loans
are for a period not exceeding five years and bear interest at the prime rate
plus 2% as determined on the first day of the month in which the loan is made.
Vesting
- -------
Participant contributions are at all times 100% vested and nonforfeitable. The
accounts for company contributions of all participants who die, become disabled
or reach their normal or late retirement age, as defined in the Plan document,
are fully vested. The accounts for company contributions of all other
participants are determined as follows: a benefit equal to (1) the full value of
the participant's pretax contribution account, the employer matching
contribution and rollover contribution account plus (2) the nonforfeitable
percentage of the employer retirement contribution account according to the
following vesting schedule:
<PAGE> 12
-2-
Years of Vesting
Service Percentage
----------------- ----------
Less than 3 0%
3 but less than 4 20
4 but less than 5 40
5 but less than 6 60
6 but less than 7 80
7 or more 100
Forfeitures
- -----------
Participants who leave the employ of the Company or incur five consecutive
one-year breaks in service forfeit the nonvested portion of their accounts. Such
forfeitures are used to reduce current company retirement contributions to the
Plan and, if an excess still exists, future company retirement contributions.
The Plan contains provisions that allow for reinstatement of the forfeited
amounts upon reemployment with the Company or a related company before incurring
five consecutive one-year breaks in service, as defined.
Hardship Withdrawals
- --------------------
A participant who suffers a financial hardship, as defined in the Plan document,
may request a distribution from his pretax contribution and rollover accounts.
The Administrative Committee considers such requests and determines the extent
of financial hardship and the distribution to be made. All distributions are
made in a single lump-sum payment. Participants should refer to the Plan
document for conditions restricting hardship distributions.
2. SIGNIFICANT ACCOUNTING POLICIES:
--------------------------------
Basis of Accounting
- -------------------
The Plan uses the accrual method of accounting. Investments are stated at market
value, as determined by the Plan's trustee. Expenses incurred by the plan
administrator and trustee for their services and costs in administering the Plan
are paid for by the plan sponsor.
Contributions Receivable
- ------------------------
Contributions are required to be paid within 90 days following the end of the
plan year. Participant contributions and employer contributions, consisting of
employer matching and retirement contributions (deferred profit sharing
amounts), which are not deposited with the trustee at the end of the plan year,
are shown as receivables in the accompanying financial statements.
3. INVESTMENTS:
------------
The trustee of the investments is The Chase Manhattan Bank, N.A. Chase Manhattan
maintains the investments and provides record-keeping functions for the Company.
Participant accounts may be invested in whole multiples of 1% in any of six
mutual funds and a Company stock fund. A summary of the holdings and investment
objective of each mutual fund follows:
FIDELITY EQUITY INCOME FUND -- This fund invests at least 80% of its portfolio
in common and preferred stocks and the remainder in debt securities. The goal of
this fund is to provide quarterly dividends as well as price appreciation.
<PAGE> 13
-3-
FIDELITY PURITAN FUND -- This fund invests in a broad list of high-yielding
securities, including common stocks, preferred stocks and bonds issued by a
variety of companies and industries. The goal of the fund is to provide income
earnings as well as price appreciation.
FIDELITY MAGELLAN FUND -- This fund invests in common stocks and securities
convertible into common stocks issued by companies operating in the U.S. and/or
abroad, as well as foreign companies. Investments are made in large corporations
as well as smaller, less well-known companies. The goal of the fund is to invest
for the long-term through potentially large fluctuations in the stock market.
SINTER METALS STOCK FUND -- This fund invests in the common stock of the Plan's
sponsor, Sinter Metals, Inc.
FIDELITY INTERMEDIATE BOND FUND -- This fund invests in corporate debt
obligations rated Baa or better by Moody's Investors Service, Inc. or BBB or
better by Standard & Poor's Corporation. The fund also invests in obligations
issued or guaranteed by the U.S. government or any of its agencies or
instrumentalities and in obligations of U.S. banks, including certificates of
deposit and banker's acceptances. The average portfolio maturity ranges from
three to ten years. The goal of this fund is to build capital gradually through
moderate appreciation and the compounding of income.
FIDELITY RETIREMENT GOVERNMENT MONEY MARKET PORTFOLIO -- This portfolio invests
in obligations issued or guaranteed as to principal and interest by the U.S.
government, its agencies or instrumentalities. Additionally, the portfolio's
holdings, not the portfolio itself, are backed by the U.S. government. The goal
of this portfolio is to provide preservation of capital with a low-risk level.
FIDELITY ASSET MANAGER FUND -- This fund invests in common stock and bonds
issued by companies operating in the U.S. and/or abroad. The fund also invests
in short-term instruments. The goal of this fund is to provide high total return
with reduced risk over the long term.
Each of these funds received an unqualified opinion from its independent public
accountant on net assets as of the fund's respective year-end.
4. PLAN TERMINATION:
-----------------
Although it has not expressed any intent to do so, the Company by action of its
Board of Directors has the right to terminate the Plan at any time, subject to
the provisions of the Employee Retirement Income Security Act of 1974. In the
event of termination or any partial termination, the accounts of all
participants will become fully vested and nonforfeitable.
5. TAX STATUS:
-----------
The Plan is qualified under the Internal Revenue Code as exempt from federal
income taxes. The Plan obtained its latest determination letter on December 22,
1993 in which the Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements of the Internal
Revenue Code.
Amendments have been made to the Plan subsequent to December 22, 1993. The plan
administrator believes that the Plan, as designed, remains in accordance with
all federal and ERISA regulations to qualify as tax exempt. Accordingly, no
provision for federal income taxes has been provided in the accompanying
financial statement. Annually, informational tax returns are prepared and filed
with the Internal Revenue Service.
<PAGE> 14
-4-
6. RECONCILIATION TO FORM 5500:
----------------------------
The statement of changes in net assets available for plan benefits reconciles as
follows to Form 5500:
<TABLE>
<CAPTION>
1995 Form 5500:
- ---------------
<S> <C> <C>
Net assets at end of year $9,170,652
1995 Statement of Changes in Net
Assets Available for Plan Benefits:
- -----------------------------------
Net assets at beginning of year $6,002,315
Additions 4,270,972
Deductions 1,055,870
-------------
Subtotal 9,217,417
--------------
Difference $ 46,765
==============
</TABLE>
The difference in net assets is related to the treatment of benefits payable.
For purposes of the financial statements, benefits payable to plan participants
are treated as a component of net assets available for plan benefits, with the
related amounts disclosed in the financial statements, whereas the Form 5500
treats benefits payable as a reduction in net assets available for plan
benefits.
7. CERTIFIED INFORMATION:
----------------------
Chase Manhattan Bank, N.A., the trustee of the Plan, has certified that the
following information in the accompanying financial statements and schedules are
complete and accurate:
a. Net assets available for benefits at December 31, 1994 and 1995.
b. Changes in net assets available for benefits for the period January 1,
1994 to December 31, 1995.
c. Investments held as of December 31, 1995.
d. Reportable transactions for the period January 1, 1995 to December 31,
1995.
<PAGE> 15
EXHIBIT 1
SINTER METALS, INC.
-------------------
SAVINGS PLAN
------------
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
---------------------------------------------------------
DECEMBER 31, 1995
-----------------
EMPLOYER IDENTIFICATION NUMBER: 25-1151074
------------------------------------------
PLAN NUMBER: 001
----------------
<TABLE>
<CAPTION>
Description Cost Market
- ------------------------------------------------ ----------- ------------
<S> <C> <C>
Fidelity Equity Income Fund $ 644,038 $ 774,430
Fidelity Puritan Fund 955,376 1,049,185
Fidelity Magellan Fund 4,117,326 4,957,284
Fidelity Government Money Market Fund 594,491 594,491
Fidelity Asset Manager Fund 117,954 128,916
Sinter Metals Stock Fund 584,652 730,385
Outstanding Participant Loan Balance 193,210 193,210
============= =============
$7,207,047 $8,427,901
============= =============
</TABLE>
The accompanying notes to financial statements are an
integral part of this schedule.
<PAGE> 16
EXHIBIT 2
SINTER METALS, INC.
-------------------
SAVINGS PLAN
------------
ITEM 27d--SCHEDULE OF REPORTABLE TRANSACTIONS
---------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1995
------------------------------------
EMPLOYER IDENTIFICATION NUMBER: 25-1151074
------------------------------------------
PLAN NUMBER: 001
----------------
During 1995, the Sinter Metals, Inc. Savings Plan had the following "reportable
transactions," as defined, involving an amount in excess of 5% of the net assets
available for plan benefits at the beginning of the year:
<TABLE>
<CAPTION>
Number Number Aggregate Aggregate
of of Aggregate Sales Cost of Realized
Purchases Sales Purchase Price Price Assets Sold Gain
---------- --------- ----------------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Fidelity Equity Income Fund 26 16 $ 258,365 $ 70,072 $ 61,528 $ 8,544
Fidelity Puritan Fund 26 18 437,893 88,224 82,549 5,675
Fidelity Magellan Fund 20 27 1,239,404 330,429 292,789 37,640
Fidelity Government Money Market Fund 36 16 322,555 77,518 77,518 -
Financial Square Prime Obligation Money
Market 199 143 1,748,604 1,748,604 1,748,604 -
Temporary Fund B 30 27 286,657 286,657 286,657 -
</TABLE>
The accompanying notes to financial statements are an integral part of this
schedule.
<PAGE> 1
EXHIBIT 23
ARTHUR ANDERSEN LLP
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of
our report on the financial statements of the Sinter Metals, Inc. Saving Plan
dated March 28, 1996, included in this Form 11-K into the Sinter Metals, Inc.
Registration Statement S-8 to be filed on June 21, 1996.
/s/ Arthur Andersen LLP
ARTHUR ANDERSEN LLP
Cleveland, Ohio,
June 21, 1996.
