Business
Kennametal Announces Sale of Subsidiary in Goshen, IN
Kennametal Inc. (NYSE: KMT) today announced that it has completed the sale of its business in Goshen, IN.
About this update from Kennametal Inc.
[{"type":"text","content":"PITTSBURGH, June 6, 2025 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) today announced that it has completed the sale of its business in Goshen, IN.","length":151,"tagName":"p"},{"type":"image","alt":"Kennametal logo (PRNewsfoto/Kennametal)","displaySize":"","headline":null,"caption":"Kennametal logo (PRNewsfoto/Kennametal)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":88,"url":"https://media.zenfs.com/en/prnewswire.com/82ed8f49e5827d7f645c308bb0a626ad"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/6FqQqvEH_tcFpXyUlZnMNw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE1NTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/82ed8f49e5827d7f645c308bb0a626ad","width":400,"height":88}},"href":"https://mma.prnewswire.com/media/2003465/Kennametal_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":""This portfolio action is an important step toward improving our overall sales mix, reducing material cost volatility and focusing our resources on long-term strategic priorities that create greater value for all our stakeholders," said Kennametal President & CEO Sanjay Chowbey.","length":293,"tagName":"p"},{"type":"text","content":"Kennametal received $19 million from the transaction upon closing, resulting in an immaterial pre-tax loss. The proceeds are subject to customary post-closing adjustments as well as an EBITDA-based earn-out opportunity for Kennametal at the end of a three-year period. The Company expects to use the proceeds for general corporate purposes. The Goshen subsidiary was sold to a Chicago-based private equity firm.","length":411,"tagName":"p"},{"type":"text","content":"The Goshen subsidiary, known as Kennametal Stellite, L.P., serves the surface coating and welding products markets in Kennametal's Infrastructure segment and represents less than 2% of Kennametal's total sales and is immaterial to Kennametal's profitability.","length":275,"tagName":"p"},{"type":"text","content":"About KennametalWith over 85 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace and defense, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency...