Kennametal to Sell UK-based Steel Assets
Kennametal Inc., Latrobe, PA, has signed a definitive agreement with Suncraft International Corp. to sell Kennametal's UK-based Presto brand high speed steel assets. The disposition of these assets is in line with Kennametal's recently announced intention to accelerate its manufacturing rationalization opportunities.
The sale, expected to close by June 30, 2006, (fiscal year-end for Kennametal), remains subject to negotiated conditions of closing.
Suncraft will acquire the UK assets and manufacturing operations of the business and will assume the lease of a 10,827 square meter facility located in Sheffield, England. The employees at the facility will become Suncraft employees when the transaction closes.
"We are very ...