Kennametal sells Indiana subsidiary
Kennametal Inc. announced June 6 it has completed the sale of its Goshen, Indiana, business, Kennametal Stellite, L.P. to a Chicago-based private equity firm.
Kennametal received $19 million from the transaction upon closing, resulting in an immaterial pre-tax loss.
Kennametal Stellite served the surface coating and welding products markets in Kennametal's Infrastructure segment – it represented less than 2% of Kennametal's total sales and is immaterial to Kennametal's profitability.
"This portfolio action is an important step toward improving our overall sales mix, reducing material cost volatility and focusing our resources on long-term strategic priorities that create greater value for all our stakeholders," said Kennametal President and CEO Sanjay Chowbey.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about the ISA's Veterans Empowerment Network. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
