 |
 |
||||||
[June 2006]
Kennametal Announces Acquisition of Sintec Group
Kennametal Inc (Latrobe, PA, USA) has announced that it has signed a definitive agreement to purchase the Sintec Group, headquartered in Buching, Germany. The purchase of Sintec, which manufactures ceramic engineered components used in the aerospace, general engineering, metallising and medical markets, complements Kennametal's core knowledge of materials science.The transaction is expected to close by 30 June 2006 and remains subject to customary regulatory approval and negotiated conditions of closing.
The Sintec Group was founded in 1980 and has operations in Schongau and Halblech-Buching (Germany), Biel (Switzerland), Shanghai (China), Newport (South Wales, UK) and in Bridgeport (CT, USA). The company employs about 200 people across its facilities.
"The acquisition of the Sintec Group is directly in line with our strategy to grow both organically and through acquisitions in the advanced materials and engineered components space," commented James Breisinger, Kennametal Vice President and President of Advanced Components Group. "Kennametal has a core competency in ceramics systems in the metalcutting industry, where we are one of the market leaders. This acquisition will take the company into adjacent technological and geographic markets, allowing us to expand our competency in non-metalcutting ceramics.
"Sintec serves the European, Asian and North American markets. With Kennametal's global infrastructure, we will be able to leverage Sintec's advanced ceramic technology effectively in support of our plans to grow our business to be one-third North America, one-third Europe, and one-third emerging markets."
Kennametal 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 are represented in Kennametal's customer base. Customers buy over US$2.3 billion annually of Kennametal products and services, delivered by the company's 14,000 employees in over 60 countries, with almost 50% of these revenues coming from outside the United States.
www.kennametal.com
ENDS