To improve efficiency in production, Crucible’s Syracuse plants were consolidated in 1947 to form the Sanderson-Halcomb Works, which was renamed Syracuse Works of Crucible Steel in 1966. Colt Industries bought Crucible Steel Corporation of America in 1968, and the Syracuse Works became Colt’s Crucible Specialty Metals Division. In 1983, Colt Industries consolidated its basic materials group as Crucible Materials Corporation, headquartered in New York City. In 1985, Crucible’s salaried employees purchased all of the corporation’s stock through a leveraged buyout and relocated Crucible Materials Corporation’s headquarters to Syracuse.