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Kennametal Inc., Latrobe, PA, has agreed to acquire Federal Signal Corporation's cutting tool business comprised of Manchester Tool Company, ClappDiCO Corporation and On Time Machine, Inc. for $67 million.
With annual sales of about $40 million, Federal Signal Corporation's cutting tool business produces, markets and services super hard polycrystalline diamond and cubic boron nitride cutting tools, tool holding systems and certain specialized turning tools which are complementary to Kennametal's product range.
Kennametal says the acquisition is consistent with its growth strategy and with the company's previously stated intentions for the use of cash.
We are pleased to add yet another component to our metalworking business that will better enable us to serve our customers globally," commented Ron Keating, corporate vice president and president of Metalworking Solutions and Services Group. "These technologies are an exciting addition to our current metalcutting capabilities and will provide additional opportunities for us to serve rapidly growing industry segments such as aerospace, energy and die and mold. This bolt-on acquisition helps us to further round out our portfolio in high value niche segments, expanding our existing product lines and our reach into new markets."
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