Kennametal#Widia

{{Short description|American supplier of tooling and industrial materials}}

{{Infobox company

| name = Kennametal Inc.

| logo = Kennametal logo.svg

| logo_size = 250px

| type = Public

| traded_as = {{NYSE|KMT}}
{{BSE|505890}}
S&P 600 component

| company_slogan =

| foundation = 1938

| location = Pittsburgh, Pennsylvania

| key_people = Sanjay Chowbey, President and CEO{{cite news |last1=Napsha |first1=Joe |title=Kennametal CEO to retire; replacement named |url=https://triblive.com/local/westmoreland/kennametal-ceo-to-retire-replacement-named/ |access-date=29 November 2024 |publisher=Tribune-Review |date=15 March 2024}}

| num_employees = approximately 10,000 worldwide

| revenue = {{profit}}$2.4 billion USD

| industry = Metals

| products = aggregates, metalworking, abrasive flow products, cutting tools, metallurgy, mining equipment, woodworking, fluid handling

| homepage = [http://www.kennametal.com/ www.kennametal.com]

}}

Kennametal, Inc. 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.{{cite news |last1=Trombetta |first1=Peter |title=Rating Action: Moody's Ratings affirms Kennametal's Baa3 senior unsecured rating; outlook is stable |url=https://www.moodys.com |access-date=12 November 2024 |publisher=Moody's Ratings |date=11 September 2024}}

File:Former office of Vanadium Alloys Steel Company.jpg

History

Kennametal was founded in 1938 by Philip M. McKenna in the Latrobe, Pennsylvania area.{{cite news |title=Kennametal Inc: Company and People |url=https://www.barrons.com/market-data/stocks/kmt/company-people |access-date=11 November 2024 |publisher=Barron's}}{{cite web|url=http://www.kennametal.com/en/about-us/company-profile.html|title=About Us|website=www.kennametal.com|url-status=live|archive-url=https://web.archive.org/web/20151215205028/http://www.kennametal.com/en/about-us/company-profile.html|archive-date=2015-12-15}} 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.{{cite web |last1=Derdak |first1=Thomas |title=Kennametal, Inc. |url=https://www.encyclopedia.com/books/politics-and-business-magazines/kennametal-inc-0 |website=Encyclopedia.com |access-date=10 November 2024}}

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.{{cite news |title=Kennametal Being Used in Many Ways |url=https://www.newspapers.com/image/939768221/?match=1 |access-date=11 November 2024 |publisher=Pittsburgh Post-Gazette |date=4 September 1946}}

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."{{cite news |title=Kennametal of Canada Organized with Offices in Hamilton, Ontario. |url=https://www.newspapers.com/image/939768221/?match=1 |access-date=11 November 2024 |publisher=Toronto Star at Newspapers.com |date=2 July 1940}}

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.{{cite news |title=Steel Export Unit to Sell Kennametal |url=https://www.newspapers.com/article/pittsburgh-sun-telegraph-us-steel-export/158840950/ |access-date=11 November 2024 |publisher=Pittsburgh Sun-Telegraph via Newspapers.com |date=12 November 1940}}

During World War II, more than 50% of the artillery shells produced in the United States were machined with the Kennametal product.{{cite news |title=Research and Engineering Pace Company |url=https://www.newspapers.com/article/latrobe-bulletin/158898666/ |access-date=12 November 2024 |publisher=Latrobe Bulletin via Newspapers.com |date=15 December 1952}} During this period the company developed a new type of anti-tank projectile made of tungsten with a hard carbide core.{{cite news |title=Plant Expands at Latrobe |url=https://www.newspapers.com/article/pittsburgh-post-gazette/158843332/ |access-date=11 November 2024 |publisher=Pittsburgh Post-Gazette via Newspapers.com |date=14 May 1945}}

The company has expanded through acquisitions,{{cite web |title=Kennametal - M&A Summary and Business Overview |url=https://mergr.com/company/kennametal |website=Mergr |access-date=29 November 2024}}{{cite web |title=List of 6 Acquisitions by Kennametal |url=https://tracxn.com/d/acquisitions/acquisitions-by-kennametal/__PC4j67hp_EBIOXHJ27N-nn9HtfT1CNDwG6bOrljg_yQ#list-of-acquisitions |website=Tracxn |publisher=Tracxn Technologies Ltd. |access-date=29 November 2024}} including the purchase of [https://www.widia.com/us/en/home.html Widia Group] (2002, 188 million Euros){{Cite web |title=Kennametal Announces Completion of Widia Acquisition {{!}} Kennametal Inc. |url=https://investors.kennametal.com/news-releases/news-release-details/kennametal-announces-completion-widia-acquisition |access-date=2022-04-16 |website=investors.kennametal.com |language=en}} [https://www.extrudehone.com Extrude Hone Corp.] (2005, $137 million){{cite web |title=Kennametal, Inc. Steels Itself for M&A |url=https://www.themiddlemarket.com/news/kennametal-inc-steels-itself-for-m-a-MM44474 |website=The Mddle Market |publisher=Mergers and Acquisitions Report and SourceMedia, Inc. |access-date=29 November 2024}} and Allegheny Technologies' tungsten materials unit (2013, $605 million).{{cite news |last1=Boselovic |first1=Len |title=Kennametal agrees to acquire Allegheny Technologies unit for $605 million. |url=https://www.post-gazette.com/business/businessnews/2013/09/16/Kennametal-agrees-to-acquire-Allegheny-Technologies-unit-for-605-million/stories/201309160141 |access-date=29 November 2024 |publisher=Pittsburgh Post-Gazette |date=16 September 2013}}

Production

Kennametal products:{{Cite web|title = Products|url = http://www.kennametal.com/en/products.html|website = www.kennametal.com|access-date = 2015-11-21|url-status = live|archive-url = https://web.archive.org/web/20151121145929/http://www.kennametal.com/en/products.html|archive-date = 2015-11-21}}

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:
Machine tools: Machining centers, turning centers (CNC lathes), automatic lathes (screw machines)
Tooling for machine tools:
Indexable toolholders, collets
fixtures
cutting tools (via {{visible anchor|WIDIA}} Products Group, a consolidation of various brands in this industry): inserts, tool bits, milling cutters, taps and dies, metal sawing cutters and tooling
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

File:Example of GTD Tap.jpg

In 2009, Kennametal announced that they migrated all its current brands into two distinct portfolios: WIDIA Products Group and Kennametal Products Group.{{Cite web |title=Kennametal Launches WIDIA Products Group |url=https://www.kennametal.com/us/en/news/122733.html |access-date=2022-04-16 |website=www.kennametal.com |language=en-US}}

= WIDIA Products Group =

This group markets several brands: WIDIA, Hanita, and WIDIA GTD.{{Cite web |title=Services |url=https://www.widia.com/us/en/services.html |access-date=2022-04-16 |website=www.widia.com |language=en-US}} The GTD stands for Greenfield Tap & Die and was initially formed in 1912.{{Cite web |title=WIDIA GTD |url=https://www.widia.com/us/en/featured/widia-gtd.html |access-date=2022-04-16 |website=www.widia.com |language=en-US}}

= Kennametal Products Group =

Kennametal Products Group provides metalworking tools, metal powders, and wear-resistant coatings such as Conforma-Clad and Stellite.{{Cite web |title=Products |url=https://www.kennametal.com/us/en/products.html |access-date=2022-04-16 |website=www.kennametal.com |language=en-US}}

Financial Results and Credit Rating

Kennametal's fiscal year ends on June 30.{{cite news |title=Kennametal Inc. Financial Statements |url=https://www.wsj.com/market-data |access-date=1 March 2025 |publisher=Wall Street Journal}} 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 2020 loss, the company said: "The effects of COVID-19 were felt in every region during the quarter and created a challenging environment."{{cite web |title=Kennametal Announces Fourth Quarter and Fiscal Year 2020 Results |url=https://investors.kennametal.com/news-releases/news-release-details/kennametal-announces-fourth-quarter-and-fiscal-2020-results |website=Kennametal corporate web site |access-date=11 November 2024}} The company returned to profitability 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."{{cite news |title=Moody's Investors Service affirms Kennametal at "Baa3" (LT- local currency credit rating); outlook stable |url=https://cbonds.com/news/3059261/ |access-date=11 November 2024 |publisher=CBonds}}

Year	$ millions
class="wikitable sortable" style="margin-right:1em; float:center" \|+ Net Income (Loss)
2020{{cite web \|title=Google Finance: Kennametal Inc.\|url=https://www.google.com/finance/quote/KMT:NYSE\|website=Google Finance, Kennametal Inc. \|access-date=11 November 2024}}	($ 5.66)
2021	$ 54.43
2022	$ 114.62
2023	$ 118.46
2024	$ 109.32