Kennametal Announces Acquisition of Tricon Metals & Services; Expands Advanced Materials Businessadmin
Tuesday, August 26th 2008
Kennametal Inc. announced today that it has signed a definitive agreement to acquire the assets of Tricon Metals & Services, Inc. Closing is planned for October 2008 and remains subject to negotiated conditions of closing. Tricon will become part of Kennametal’s Advanced Materials Solutions Group (AMSG), and the acquisition is expected to be accretive to earnings within twelve months following closing.
Tricon is a leading provider of custom wear solutions specializing in consumable proprietary steels for the surface and underground mining markets, including hard rock and coal. Solutions include cladded products, wear pins, shafting and custom fabricated replacement components.
“Tricon’s application expertise and quick response to customer needs provide exceptional value in demanding environments,” commented Gary Weismann, Kennametal Vice President and President of Kennametal’s Advanced Materials Solutions Group. “It also provides us an opportunity to leverage our presence in emerging markets, positioning us to further achieve geographic balance. Tricon’s leadership position in surface mining, coupled with Kennametal’s strength in underground mining, provides a strong basis for capitalizing on world-class technologies and capabilities to deliver continued value, service and solutions to our customers.”
Kennametal conducts acquisitions according to a disciplined process that is part of the company’s management operating system known as the Kennametal Value Business System (KVBS).
Kennametal Inc. is a leading global supplier of tooling, engineered components and advanced materials consumed in production processes. The company improves customers’ competitiveness by providing superior economic returns through the delivery of application knowledge and advanced technology to master the toughest of materials application demands. Companies producing everything from airframes to coal, from medical implants to oil wells and from turbochargers to motorcycle parts recognize Kennametal for extraordinary contributions to their value chains. Customers buy approximately $2.7 billion annually of Kennametal products and services – delivered by our 14,000 talented employees in over 60 countries – with almost 50 percent of these revenues coming from outside North America. Visit us at www.kennametal.com.