Kennametal Completes Acquisition of Remaining Ownership Interest in Spanish Affiliate KENCI, S.A.
LATROBE, Pa., May 14: Kennametal Inc. (NYSE:KMT) announced today that it has completed the previously announced acquisition of the remaining ownership interest in its Spanish affiliate, KENCI, S.A.
As Kennametal's sales and service affiliate in Spain and Portugal for over 20 years, KENCI has consistently delivered strong growth in sales and financial performance. The outstanding capabilities and reputation that KENCI has built up over the years have earned the company a leading market position that continues to expand. Acquiring full ownership of KENCI provides an additional opportunity for Kennametal to better serve customers in the growing Spanish and Portuguese markets.
Kennametal conducts acquisitions according to a disciplined process that is part of the company's management operating system known as the Kennametal Value Business System (KVBS).
Kennametal Inc. (NYSE:KMT) is a leading global supplier of tooling, engineered components and advanced materials consumed in production processes. The company improves customers' competitiveness by providing superior economic returns through the delivery of application knowledge and advanced technology to master the toughest of materials application demands. Companies producing everything from airframes to coal, from medical implants to oil wells and from turbochargers to motorcycle parts recognize Kennametal for extraordinary contributions to their value chains. Customers buy over $2.3 billion annually of Kennametal products and services -- delivered by our approximately 13,500 talented employees in over 60 countries -- with almost 50 percent of these revenues coming from outside the United States. Visit us at kennametal.com. [KMT-G]
Source: Kennametal Inc.
CONTACT: Investors, Quynh McGuire, +1-724-539-6559, Media, Joy Chandler, +1-724-539-4618, both for Kennametal Inc.
Web site: http://kennametal.com/
