Company also plans to move headquarters to Pittsburgh, PA.
Latest In Kennametal
Company names Jan Kees van Gaalen as vice president and CFO.
Fourth-quarter sales dip 17.4 percent year-over-year.
Company reports loss of $388 million for the quarter.
New president replaces retiring Carlos Cardoso.
Industrial segment sales increased 12 percent from the prior year quarter.
The company's board of directors will consider both internal and external candidates in a search for a successor.
Fourth-quarter sales up 15.1 percent year-over-year.
Jeswant Gill and James Kohosek named to lead Kennametal's principal business segments.
Year-to-date sales up 7.7 percent.
Kennametal CEO: Manufacturing needs a rebranding.
Profit decreases significantly for both quarter, year-to-date.
Industrial segment sales fell 4 percent from the prior year quarter.
The acquisition will help Kennametal to diversify its tungsten sourcing.
Industrial and infrastructure sales both declined in the fourth quarter.
The acquisition would help diversify Kennametal's tungsten sourcing capabilities.
Declines were partially offset by two months sales from newly acquired Stellite.
Kennametal had a 10 percent organic sales decline for the period.
