Kennametal Inc., Latrobe, PA, reported sales in fiscal 2007 were $2.4 billion, up 6% on an organic basis. The growth was partially offset by the net impact of acquisitions and divestitures of 7%.
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In 2007, Kennametal expanded its advanced materials segments with the acquisitions of the Sintec Group and the Camco Group, as well as Purity Metal Holdings Inc. Kennametal also added to its metalworking segments with Federal Signal Corporation’s cutting tool business, and completing the purchase of the company’s Spanish affiliate, Kenci S.A.
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Sales in the fourth quarter were $657 million, up 6% on an organic basis. In the fourth quarter, Metalworking Solutions & Services Group sales were higher by 15% overall, with 5% organic growth. Europe sales were up 9%; Asia Pacific and India sales grew 31% and 8% respectively, and North America sales were down by 2%.
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Advanced Materials Solutions Group sales grew 18%, with 8% organic growth. Energy product sales were up 17%, mining and construction product sales were higher by 4%, and engineered product sales increased 1%.
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Kennametal reported that it expects moderation in the North American market will continue in the near-term. The company also believes that the European market will continue to be favorable, and that business conditions will continue to be robust in developing economies.
sales fell 2% in the fourth quarter.