Kennametal to Sell High-Speed Steel Drill Business
May 26, 2009
Kennametal Inc. of Latrobe, Pa., agreed to sell its high-speed steel drill business to Top Eastern Drill Co. (TDC) for $29 million. The deal includes four Kennametal facilities that employ approximately 400 people combined. The facilities are located in Evans, Ga.; Clemson, S.C.; Mexico City, Mexico; and Mississauga, Ontario. The sale, which isn’t expected to close until June, is part of Kennametal’s overall strategy to reshape its portfolio. TDC, a global manufacturer of high-speed drill and taps, also owns and operates molybdenum and tungsten mines, a steel plant and a tungsten carbide plant.