Kennametal Announces Sale of Its High Speed ​​Steel Drill Business
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TDC is a global manufacturer of high-speed steel drills and taps. In addition to its core business, TDC owns and operates a molybdenum mine, a tungsten mine and its processing plant, a special steel mill and a cemented carbide manufacturing plant. It also manufactures coating equipment for the metal industry. In June 2008, Dalian Far East Group acquired WERKO, a Kennametal company that produces precision grade high speed steel twist drills.
The assets involved in the transaction include Kennametal's Evans, Georgia, Clemson, South Carolina, Mexico City, Mexico, and Mississauga, Ontario, Canada, and their associated The right to operate the product line. Currently, there are approximately 400 Kenner employees working in these four factories or elsewhere in these product lines.
Kennametal is expected to receive $29 million in revenue by divesting its high-speed steel drill business. The company expects that these revenues can be used to increase liquidity and maintain flexibility in business operations during the current economic downturn.
As of the previous fiscal year, Kenner’s annual product and service sales were approximately $2.7 billion, with 50% of its revenue coming from outside North America. The company employs 14,000 people in more than 60 countries around the world.