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[September 2008]
Kennametal Announces Acquisition of Tricon Metals & Services
Kennametal Inc (Latrobe, PA, USA) announced on 25 August 2008 that it had 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 12 months following closing.
Tricon is a leading provider of custom wear solutions specialising 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).
www.kennametal.com
ENDS