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Kennametal Inc.,Latrobe, PA, has signed a definitive agreement to purchase Extrude Hone Corporation, Irwin, PA, for approximately $137 million, net of acquired cash and estimated direct acquisition costs. Founded in 1951, Extrude Hone Corp. supplies engineered component process technology to customers in a variety of industries around the world. Extrude Hone's major manufacturing locations are in the U.S., Germany, and Ireland. The firm's processes and materials, which focus on component deburring, polishing, and producing controlled radii, are designed to improve the customer's performance in both their manufacturing processes and end products.
"The acquisition of Extrude Hone Corp. is a solid fit with our long term growth plans for Kennametal," commented Executive Vice President and COO Carlos Cardoso, "as it helps us further address both the advanced materials and highly engineered components segments of our market. These are growth sectors with sophisticated requirements, and they range across many of our traditional end markets including aerospace, defense, automotive, and medical."
At the center of our acquisition strategy," Cardoso continued, "is the desire to add products, processes, and services that leverage our core capabilities to deliver increased growth and profitability. Our objective is to increase our customers' competitiveness by offering them complete solutions encompassing new materials, new processes, and end- application expertise. The purchase of Extrude Hone Corp. further strengthens and extends our capabilities to serve customers in the engineered component realm."