The Reshoring Initiative announced Sumitomo Drive Technologies as the 2024 National Metalworking Reshoring Award recipient. The award was given in recognition of the company’s success in bringing manufacturing to the United States through foreign direct investment and to Mexico via nearshoring. Reshoring Initiative president and founder Harry Moser noted: “Sumitomo won the 2024 award because they brought work from offshore to both the United States and Mexico, invested a total of $22 million in their projects between 2010 and 2024, including purchases of machine tools from leading IMTS exhibitor companies, and thereby increased their annual revenue by $100 million over this period. The Reshoring Award has helped accelerate reshoring from 11,000 manufacturing jobs per year in 2010 to 287,000 per year in 2023.”