Kennametal Closes on Divestment of Plate Fabrication, Castings Businesses
12/02/2015 - Tooling maker Kennametal Inc. has completed the sale of several non-core businesses to Chicago-based Madison Industries, the company has announced.
According to the Pittsburgh Business Times, the sale includes Kennametal Extrude Hone Corp. and its Kennametal Stellite subsidiaries in Bellusco and Milan, Italy; and Koblenz, Germany.
The sale also includes Tricon, which has manufacturing operations in Birmingham, Ala., Chicago, Ill., and Elko, Nev., USA; Landis, which has manufacturing operations in Waynesboro, Pa., USA; and all of the assets located at the Biel, Switzerland, manufacturing facility.
Kennametal said the businesses are castings, plate fabrication and deburring operations. Each of the businesses will join Madison Industries' industrial solutions segment, which is led by Madison senior managing director David Coghlan.
In a statement, Kennametal said the sale is part of an effort to streamline its portfolio and to reduce its manufacturing footprint by 20 to 25 percent. The sale also will help allow it to focus on the long-term growth of core manufacturing and technology processes, it said.
The sale also includes Tricon, which has manufacturing operations in Birmingham, Ala., Chicago, Ill., and Elko, Nev., USA; Landis, which has manufacturing operations in Waynesboro, Pa., USA; and all of the assets located at the Biel, Switzerland, manufacturing facility.
Kennametal said the businesses are castings, plate fabrication and deburring operations. Each of the businesses will join Madison Industries' industrial solutions segment, which is led by Madison senior managing director David Coghlan.
In a statement, Kennametal said the sale is part of an effort to streamline its portfolio and to reduce its manufacturing footprint by 20 to 25 percent. The sale also will help allow it to focus on the long-term growth of core manufacturing and technology processes, it said.
