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Kennametal

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Kennametal Inc.
Company typePublic
NYSE: KMT
BSE: 505890
S&P 600 component
IndustryMetals
Founded1938
HeadquartersPittsburgh, Pennsylvania
Key people
Christopher Rossi, President and CEO
Productsaggregates, metalworking, abrasive flow products, cutting tools, metallurgy, mining equipment, woodworking, fluid handling
RevenueIncrease$2.4 billion USD
Number of employees
approximately 10,000 worldwide
Websitewww.kennametal.com

Kennametal is a manufacturer of high-performance cutting tools and engineered components used in the aerospace, defense, transportation and oil and gas drilling industries. Its customer base is global.[1]

General office of predecessor firm Vanadium Alloys Steel; large lumps of coal in foreground

History

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Kennametal was founded in 1938 by Philip M. McKenna in the Latrobe, Pennsylvania area.[2][3] The company evolved from Vanadium Alloys Steel Company (VASCO), founded in 1910 by the McKenna family with its headquarters in Latrobe, Pennsylvania. While research director of VASCO, metallurgist Philip McKenna developed and received a patent for a tungsten-titanium carbide composition. McKenna formed Kennametal, Inc. for the purpose of marketing this alloy.[4]

The company's original flagship product, known as "Kennametal", was introduced in the late 1930s. It was described as "much harder than the hardest tool steel," which enabled high-rate steel cutting not possible previously.[5] In July 1940, Kennametal of Canada Ltd. was organized for the purpose of "manufacturing Kennametal, the new steel cutting carbide, for Canada and British dominions."[6] In November 1940, United States Steel Export Company reached an agreement to sell Kennametal tools, tool blanks, drawing dies and other Kennametal products in foreign markets.[7]

During World War II, more than 50% of the artillery shells produced in the United States were machined with the Kennametal product.[8] in 1945, the company developed a new type of projectile. Made of tungsten with a hard carbide core, it was said to more effectively penetrate heavily armored enemy tanks.[9]

Production

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Kennametal products:[10]

  • Blades, disks, skins, fuel control systems, and landing gear for the aerospace industry
  • Synthetic fertilizers for agriculture
  • Camshafts, crankshafts, cylinder heads, rotors, calipers and differentials for automobiles
  • Roofing and abrasives for home construction
  • Asphalt, stabilization tools, and tunneling equipment for road construction
  • Woodworking tools
  • Machining industries:
  • Mining equipment
  • Abrasives and flow control for the oil industry
  • Generating equipment for electric power plants
  • Fluids for the paper industry
  • Wheels and axles for rail transport
  • Custom engineering

Brands

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WIDIA GTD Tap 1/16-27 NPTF 4F Taper Pipe Tap

In 2009, Kennametal announced that they migrated all its current brands into two distinct portfolios: WIDIA Products Group and Kennametal Products Group.[11]

WIDIA Products Group

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On August 30, 2002, Kennametal completed acquisition of Widia Group from Miacron Inc. for 188 million Euros in cash.[12] This group markets four brands WIDIA, Hanita, and WIDIA GTD.[13] The GTD stands for Greenfield Tap & Die and was initially formed in 1912.[14]

Kennametal Products Group

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Kennametal Products Group provides metalworking tools, metal powders, and wear-resistant coatings such as Conforma-Clad and Stellite.[15]

Financial Results

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For fiscal years 2020 through 2024, results ranged from a loss of $5.66 million to net income of $118.46 million. With respect to the fiscal year 2020 loss, the company said: "The effects of COVID-19 were felt in every region during the quarter and created a challenging environment."[16] Profitability improved in the following fiscal year.

In September 2024, Moody's Ratings affirmed Kennametal's Baa3 credit rating, and opined that the outlook for the rating was "stable."[17]

Net Income (Loss)
Year $ millions
2020[18] ($ 5.66)
2021[18] $ 54.43
2022[18] $ 114.62
2023[18] $ 118.46
2024[18] $ 109.32

See also

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References

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  1. ^ Trombetta, Peter (11 September 2024). "Rating Action: Moody's Ratings affirms Kennametal's Baa3 senior unsecured rating; outlook is stable". Moody's Ratings. Retrieved 12 November 2024.
  2. ^ "Kennametal Inc: Company and People". Barron's. Retrieved 11 November 2024.
  3. ^ "About Us". www.kennametal.com. Archived from the original on 2015-12-15.
  4. ^ Derdak, Thomas. "Kennametal, Inc". Encyclopedia.com. Retrieved 10 November 2024.
  5. ^ "Kennametal Being Used in Many Ways". Pittsburgh Post-Gazette. 4 September 1946. Retrieved 11 November 2024.
  6. ^ "Kennametal of Canada Organized with Offices in Hamilton, Ontario". Toronto Star at Newspapers.com. 2 July 1940. Retrieved 11 November 2024.
  7. ^ "Steel Export Unit to Sell Kennametal". Pittsburgh Sun-Telegraph via Newspapers.com. 12 November 1940. Retrieved 11 November 2024.
  8. ^ "Research and Engineering Pace Company". Latrobe Bulletin via Newspapers.com. 15 December 1952. Retrieved 12 November 2024.
  9. ^ "Plant Expands at Latrobe". Pittsburgh Post-Gazette via Newspapers.com. 14 May 1945. Retrieved 11 November 2024.
  10. ^ "Products". www.kennametal.com. Archived from the original on 2015-11-21. Retrieved 2015-11-21.
  11. ^ "Kennametal Launches WIDIA Products Group". www.kennametal.com. Retrieved 2022-04-16.
  12. ^ "Kennametal Announces Completion of Widia Acquisition | Kennametal Inc". investors.kennametal.com. Retrieved 2022-04-16.
  13. ^ "Services". www.widia.com. Retrieved 2022-04-16.
  14. ^ "WIDIA GTD". www.widia.com. Retrieved 2022-04-16.
  15. ^ "Products". www.kennametal.com. Retrieved 2022-04-16.
  16. ^ "Kennametal Announces Fourth Quarter and Fiscal Year 2020 Results". Kennametal corporate web site. Retrieved 11 November 2024.
  17. ^ "Moody's Investors Service affirms Kennametal at "Baa3" (LT- local currency credit rating); outlook stable". CBonds. Retrieved 11 November 2024.
  18. ^ a b c d e "Google Finance: Kennametal Inc". Google Finance, Kennametal Inc. Retrieved 11 November 2024.
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