Kennametal Inc. announced today that it has completed the acquisition of the Sintec Group, headquartered in Buching, Germany. The purchase of Sintec, which manufactures ceramic engineered components used in the aerospace, general engineering, metallizing and medical markets, complements Kennametal's core knowledge of materials science and supports the company's strategy to grow its advanced materials business.
"We are excited to welcome the Sintec team to Kennametal," commented James Breisinger, Kennametal Vice President and President of Advanced Components Group. "Sintec's expertise in non-metalcutting ceramics is an excellent complement to Kennametal's core competency in ceramics systems in the metalcutting industry, where we are one of the market leaders. This acquisition takes us into adjacent technological and geographic markets, and at the same time, we'll be able to leverage our global infrastructure to more widely leverage Sintec's technology," said Breisinger.
This release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not relate strictly to historical or current facts. You can identify forward- looking statements by the fact they use words such as "should," "anticipate," "estimate," "approximate," "expect," "may," "will," "project," "intend," "plan," "believe" and other words of similar meaning and expression in connection with any discussion of future operating or financial performance. These statements are likely to relate to, among other things, our strategy, goals, plans and projections regarding our financial position, results of operations, market position, and product development, which are based on current expectations that involve inherent risks and uncertainties, including factors that could delay, divert or change any of them in the next several years. It is not possible to predict or identify all factors; however, they may include the following: risks associated with integrating the Sintec acquisition, as well as any future acquisitions, and achieving the expected savings and synergies; global and regional economic conditions; risks associated with the availability and costs of raw materials; energy costs; commodity prices; competition; risks relating to business divestitures; demands on management resources; risks associated with international markets, such as currency exchange rates and social and political environments; future terrorist attacks; labor relations; demand for and market acceptance of new and existing products; and risks associated with the implementation of restructuring plans and environmental remediation matters. We can give no assurance that any goal or plan set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of future events or developments.
Kennametal Inc. 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 billion annually of Kennametal products and services-delivered by our nearly 14,000 talented employees in over 60 countries -- with almost 50 percent of these revenues coming from outside the United States. Visit us at www.kennametal.com. [KMT-G]
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://www.kennametal.com/