Kennametal Inc. today announced that it has completed the previously reported acquisition of Conforma Clad Inc. for approximately $65 million. Conforma Clad is a leading provider of engineered components that deliver premium wear solutions to industrial markets.
Founded in 1982, Conforma Clad markets and manufactures engineered components with a proprietary metal cladding technology for application in extreme wear environments involving corrosion, erosion and abrasion. Products include radial bearings used for directional drilling for oil and gas; extruder barrels used by plastics manufacturers and food processors; and numerous other engineered components to serve a wide variety of industrial markets.
The acquisition is expected to be breakeven to slightly accretive to earnings, margins and to return on capital during the June quarter.
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Kennametal Inc. aspires to be the premier tooling solutions supplier in the world with operational excellence throughout the value chain and best-in- class manufacturing and technology. Kennametal strives to deliver superior shareowner value through top-tier financial performance. The company provides customers a broad range of technologically advanced tools, tooling systems and engineering services aimed at improving customers' manufacturing competitiveness. With about 13,500 employees worldwide, the company's annual sales approximate $1.8 billion, with nearly half coming from sales outside the United States. Kennametal is a five-time winner of the GM "Supplier of the Year" award and is represented in more than 60 countries. Kennametal operations in Europe are headquartered in Furth, Germany. Kennametal Asia Pacific operations are headquartered in Singapore. For more information, visit the company's web site at www.kennametal.com .
SOURCE: Kennametal Inc.
CONTACT: Media, Joy Chandler, +1-724-539-4618, or Investors, Beth A.
Riley, +1-724-539-6141, both of Kennametal Inc.
Web site: http://www.kennametal.com/