Kennametal Inc. delivers productivity solutions to customers seeking peak performance in demanding environments. The company provides wear-resistant products, application engineering and services backed by advanced material science serving customers across diverse sectors of industrial production, transportation, earthworks, energy, infrastructure and aerospace. The company’s solutions are built around technology platforms, including precision-engineered metalworking tools and components, surface technologies and earth cutting tools that are mission-critical to customer operations battling extreme conditions associated with wear fatigue, corrosion and high temperatures. End users of the company’s products include manufacturers, metalworking suppliers, machinery operators and processors engaged in a range of industries, including the manufacture of transportation vehicles and systems; machine tool, light machinery and heavy machinery industries; airframe and aerospace components and systems, defense; as well as producers and suppliers in equipment-intensive operations, such as coal mining, road construction, quarrying, oil and gas exploration, refining, production and supply. The company’s product offering includes a selection of standard and customized technologies for metalworking, such as metal cutting tools, tooling systems and services, as well as materials, such as cemented tungsten carbide products, super alloys, coatings and investment castings to address customer demands. The company offers these products through various channels to meet customer-specified needs. The company supplies tooling, engineered components and advanced materials consumed in production processes. The company specializes in developing and manufacturing metalworking tools and wear-resistant engineered components and coatings using a specialized type of powder metallurgy. Its metalworking tools are made of cemented tungsten carbides, ceramics, cermets and super-hard materials. The company also manufactures and markets a line of tool holders, tool-holding systems and rotary-cutting tools by machining and fabricating steel bars and other metal alloys. In addition, the company produces specialized compacts and metallurgical powders, as well as products made from tungsten carbide or other hard materials that are used for custom-engineered and challenging applications, including mining and highway construction, among others. Further, the company develops, manufactures and markets engineered components and surface technology solutions with proprietary metal cladding capabilities, as well as process technology and materials that focus on component deburring, polishing and effecting controlled radii. Segments The company’s operations are organized into two segments, Industrial and Infrastructure. Industrial This segment focuses on customers in the transportation, general engineering, aerospace and defense market sectors, as well as the machine tool industry. The company’s customers in these end markets use its products and services in the manufacture of engines, airframes, automobiles, trucks, ships and other various types of industrial equipment. The technology and customization requirements the company provides various customer, application and industry. Infrastructure This segment focuses on customers in the energy and earthworks market sectors who support primary industries, such as oil and gas, power generation and chemicals; underground, surface and hard-rock mining; highway construction and road maintenance; and process industries, such as food and beverage. International Operations During 2015, the company generated approximately 55 percent of its sales in markets outside of the United States of America, with principal international operations in Western Europe, Asia, Canada and Latin America. In addition, the company operates additional manufacturing and distribution facilities in Israel and South Africa, while serving customers through sales offices, agents and distributors in Eastern Europe and other parts of the world. Marketing and Distribution To market its products, the company maintains two premium brands: Kennametal and WIDIA. The company sells its products through the following, distinct sales channels: a direct sales force; a network of independent distributors and sales agents in North America, Europe, Latin America, Asia and other regions around the world; integrated supply channels; and via the Internet. Research and Development For the fiscal year ended June 30, 2015, the company’s research and development expenses included in operating expense totaled $45.1 million. Seasonality The company’s business is affected by seasonal variations to varying degrees by traditional summer vacation shutdowns of customers’ plants and holiday shutdowns that affect its sales levels during the first and second quarters of its fiscal year. Regulations The company is involved as a potentially responsible party (PRP) at various sites designated by the United States Environmental Protection Agency (USEPA) as Superfund sites. The company maintains a Corporate Environmental, Health and Safety (EHS) Department to monitor compliance with environmental regulations and to oversee remediation activities. In addition, it has designated EHS coordinators who are responsible for each of its manufacturing facilities. The company’s financial management team periodically meets with members of the Corporate EHS Department and the Corporate Legal Department to review and evaluate the status of environmental projects and contingencies. History Kennametal Inc. was founded in 1938. The company was incorporated in Pennsylvania in 1943.
kennametal inc (KMT:New York)
1600 Technology Way
PO Box 231
Latrobe, PA 15650
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