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Kennametal FY09 Sales Fall 23%

Kennametal Inc., Latrobe, PA, reported fiscal 2009 fourth quarter sales of $386 million, down 47% over the prior year same period. The company posted a loss of $33 million for the quarter, compared to profit of $59.6 million a year ago. Organic sales fell 43%.

For fiscal year 2009, sales were $2.0 billion, down 23% from fiscal year 2008. The fiscal year net loss was $119.7 million, compared to profit of $167.8 million the prior year. Organic sales fell 21%.

“Fiscal 2009 was the most challenging year in our company’s 70-year history," said Carlos Cardoso, president and CEO. The company continued to implement certain restructuring plans to reduce costs and improve efficiencies during the quarter. On June 30, Kennametal completed the sale of its high speed steel drills, related product …

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MDM News Digest 3910


Kennametal Inc., Latrobe, PA, has agreed to sell its high speed steel drills, related product lines and assets to Chinese manufacturer Top-Eastern Drill Co., Ltd, a manufacturer of high speed steel drills and taps. The transaction includes four facilities in Evans, Georgia; Clemson, South Carolina; Mexico City, Mexico; and Mississauga, Ontario. More
Anixter International Inc., Glenview, IL, a global distributor of communication products, electrical and electronic wire & cable, fasteners and other small parts, reported sales for the first quarter ended April 3 were $1.27 billion, down 14 percent from the year ago quarter. Profit declined 54 percent to $25.7 million. …

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Kennametal Agrees To Sell Drill Unit To Chinese Co.

Kennametal Inc., Latrobe, PA, has signed a definitive agreement to sell its high speed steel drills, related product lines and assets to Chinese manufacturer Top Eastern Drill Co., Ltd. Top-Eastern Drills is a global manufacturer of high speed steel drills and taps.
 
The transaction includes four facilities and operations specifically related to the product lines located at Evans, Georgia; Clemson, South Carolina; Mexico City, Mexico; and Mississauga, Ontario. Kennametal presently has approximately 400 employees who are located at these facilities or otherwise involved with these product lines.
 
Kennametal expects to receive $29 million in proceeds from the divestiture and recognize a pre-tax loss on the sale and related pre-tax charges estimated to amount to a …

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