Pittsburgh, Pennsylvania-based Kennametal Inc. announced Tuedsay that it has completed the sale of several non-core businesses related to certain castings, steel-plate fabrication and deburring operations to Madison Industries.
The sale is in alignment with the company's previously announced portfolio simplification strategy and its plans to reduce manufacturing footprint by 20-25 percent. Furthermore, it allows the company to focus on long-term growth of core manufacturing and technology processes.
Lincoln International served as financial advisors and Reed Smith LLP were legal advisors to Kennametal in this transaction.
The sale is in alignment with the company's previously announced portfolio simplification strategy and its plans to reduce manufacturing footprint by 20-25 percent. Furthermore, it allows the company to focus on long-term growth of core manufacturing and technology processes.
Lincoln International served as financial advisors and Reed Smith LLP were legal advisors to Kennametal in this transaction.