Kennametal Completes Acquisition of Federal Signal Corporation's Cutting Tool Business
LATROBE, Pa., Jan. 31 / -- Kennametal Inc. (NYSE:KMT) announced today that it has completed the previously announced acquisition of Federal Signal Corporation's cutting tool business comprised of Manchester Tool Company, ClappDiCO Corporation and On Time Machine, Inc. (OTM).
With annual sales of approximately $40 million, Federal Signal Corporation's cutting tool business produces, markets and services super hard polycrystalline diamond and cubic boron nitride cutting tools, tool holding systems and certain specialized turning tools which are complementary to Kennametal's product range.
"We are excited to welcome Federal Signal Corporation's cutting tool business to the Kennametal product line," commented Ron Keating, Corporate Vice President and President Metalworking Solutions and Services Group. "Their technologies will add to our current metalcutting capabilities and will provide additional opportunities for us to serve rapidly growing industry segments such as aerospace, energy and die and mold," he concluded.
Acquisitions at Kennametal are conducted according to a disciplined process that is part of the company's management operating system known as the Kennametal Value Business System (KVBS). This acquisition is consistent with Kennametal's growth strategy and with the company's previously stated intentions for the use of cash.
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]
FCMN Contact: Christina.reitano@kennametal.com
Source: Kennametal Inc.
CONTACT: Investor Relations, Quynh McGuire, +1-724-539-6559, or Media Relations, Joy Chandler, +1-724-539-4618, both of Kennametal Inc.
Web site: http://kennametal.com/
