Kennametal Sells South Deerfield Industrial
Kennametal Inc., Latrobe, PA, has signed a definitive agreement to sell its consumer products business, South Deerfield Industrial, Inc., to Cal SDI. The disposition of this business is in line with the continued execution of Kennametal's strategy to concentrate on its core business. The sale, which is expected to close by August 31, 2006, remains subject to negotiated conditions of closing.
The sale also includes the Industrial Sawblade Division of Kennametal's Industrial Products Group.
Kennametal expects to receive $34 million in proceeds and will recognize an estimated pre-tax loss of $12 million to $13 million in the quarter ended June 30, 2006, in connection with the transaction. In addition, ...