Kennametal Announces Sale of Its High Speed ​​Steel Drill Business

Kennametal Inc. announced on May 19 that it has signed a definitive agreement to sell its high-speed steel drill business and its related product lines and assets to TDC, a subsidiary of Dalian Far East Group of China (Top Eastern Drill). Co., Ltd.,). This move is in line with Kennametal's corporate strategy of adapting its business portfolio and rationalizing its “manufacturing footprint”. The transaction is expected to be completed in June 2009.
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.

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