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 …
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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