Kennametal to Sell Non-Core Businesses - Modern Distribution Management

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Kennametal to Sell Non-Core Businesses

First quarter sales down 20% in fiscal 1Q.

Industrial tool manufacturer Kennametal Inc. (NYSE: KMT), Latrobe, PA, has agreed to sell several of its non-core businesses related to certain castings, steel-plate fabrication and deburring for an aggregate price of $70 million. The combined annual revenue of the businesses is $220 million.

Kennametal also reported sales for the fiscal first quarter ended Sept. 30 of $555 million, down 20 percent from the same period a year ago, reflecting a 13 percent organic decline due to weakening in served end markets and a 7 percent unfavorable currency exchange impact.

The company reported a loss of $6.2 million for the quarter, compared to a profit of $39.5 million the prior year.

First-quarter industrial segment sales of $313 million decreased 17 percent from the prior-year quarter due to unfavorable currency exchange of 9 percent and organic decline of 8 percent. Infrastructure segment sales of $242 million decreased 24 percent due to 19 percent organic sales decline and 5 percent unfavorable currency exchange.

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