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Kennametal
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<h2 id="history">History</h2> <p>Kennametal was founded in 1938 by Philip M. McKenna in the <a href="/facts/Latrobe%2c_Pennsylvania/5SRR3hnE">Latrobe, Pennsylvania</a> area.<a class="footnote-ref" id="fnref:2" href="#fn:2"><sup>2</sup></a><a class="footnote-ref" id="fnref:3" href="#fn:3"><sup>3</sup></a> The company evolved from Vanadium Alloys Steel Company (VASCO), founded in 1910 by the McKenna family with its headquarters in <a href="/facts/Latrobe%2c_Pennsylvania/5SRR3hnE">Latrobe, Pennsylvania</a>. 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.<a class="footnote-ref" id="fnref:4" href="#fn:4"><sup>4</sup></a> </p><p>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.<a class="footnote-ref" id="fnref:5" href="#fn:5"><sup>5</sup></a> 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."<a class="footnote-ref" id="fnref:6" href="#fn:6"><sup>6</sup></a> 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.<a class="footnote-ref" id="fnref:7" href="#fn:7"><sup>7</sup></a> </p><p>During World War II, more than 50% of the artillery shells produced in the United States were machined with the Kennametal product.<a class="footnote-ref" id="fnref:8" href="#fn:8"><sup>8</sup></a> During this period the company developed a new type of anti-tank <a href="/facts/Projectile/kaDpG3N7">projectile</a> made of <a href="/facts/Tungsten/WYwbNDYX">tungsten</a> with a hard <a href="/facts/Carbide/xfCMTjYJ">carbide</a> core.<a class="footnote-ref" id="fnref:9" href="#fn:9"><sup>9</sup></a> </p><p>The company has expanded through acquisitions,<a class="footnote-ref" id="fnref:10" href="#fn:10"><sup>10</sup></a><a class="footnote-ref" id="fnref:11" href="#fn:11"><sup>11</sup></a> including the purchase of <a href="https://www.widia.com/us/en/home.html">Widia Group</a> (2002, 188 million Euros)<a class="footnote-ref" id="fnref:12" href="#fn:12"><sup>12</sup></a> <a href="https://www.extrudehone.com">Extrude Hone Corp.</a> (2005, $137 million)<a class="footnote-ref" id="fnref:13" href="#fn:13"><sup>13</sup></a> and <a href="/facts/Allegheny_Technologies/P6DWle5n">Allegheny Technologies'</a> tungsten materials unit (2013, $605 million).<a class="footnote-ref" id="fnref:14" href="#fn:14"><sup>14</sup></a> </p> <h2 id="production">Production</h2> <p>Kennametal products:<a class="footnote-ref" id="fnref:15" href="#fn:15"><sup>15</sup></a> </p> <ul><li>Blades, disks, skins, fuel control systems, and landing gear for the <a href="/facts/Aerospace/T6kTLUyV">aerospace</a> industry</li> <li>Synthetic fertilizers for <a href="/facts/Agriculture/TGztqzJs">agriculture</a></li> <li>Camshafts, crankshafts, cylinder heads, rotors, calipers and differentials for <a href="/facts/Automobile/I1IsH8IK">automobiles</a></li> <li>Roofing and abrasives for home construction</li> <li>Asphalt, stabilization tools, and tunneling equipment for road construction</li> <li>Woodworking tools</li> <li><a href="/facts/Machining/Yrjfj6IV">Machining</a> industries: <ul><li><a href="/facts/Machine_tool/XPHaqz0p">Machine tools</a>: <a href="/facts/Milling_(machining)/PVXTgNyz">Machining centers</a>, <a href="/facts/Metal_lathe/4rmQIQ7J">turning centers</a> (CNC lathes), <a href="/facts/Automatic_lathe/nzp9brkS">automatic lathes</a> (screw machines)</li> <li>Tooling for machine tools: <ul><li><a href="/facts/Indexing_(motion)/xsxGjCRa">Indexable</a> toolholders, <a href="/facts/Collet/STEW35HH">collets</a></li> <li><a href="/facts/Fixture_(tool)/3DSBATfv">fixtures</a></li> <li><a href="/facts/Cutting_tool_(machining)/By7NvLuM">cutting tools</a> (via WIDIA Products Group, a <a href="/facts/Consolidation_(business)/neJVyvfq">consolidation</a> of various brands in this industry): <a href="/facts/Tipped_tool/Sz4AU0ps">inserts</a>, <a href="/facts/Tool_bit/mlovCbAr">tool bits</a>, <a href="/facts/Milling_cutter/uF0kQv2y">milling cutters</a>, <a href="/facts/Tap_and_die/RF10YLhA">taps and dies</a>, metal sawing cutters and tooling</li></ul></li></ul></li> <li>Mining equipment</li> <li>Abrasives and flow control for the <a href="/facts/Oil/GP0Jk7YL">oil</a> industry</li> <li>Generating equipment for electric power plants</li> <li>Fluids for the paper industry</li> <li>Wheels and axles for <a href="/facts/Rail_transport/9nJQbsDV">rail transport</a></li> <li>Custom engineering</li></ul> <h2 id="brands">Brands</h2> <p>In 2009, Kennametal announced that they migrated all its current brands into two distinct portfolios: WIDIA Products Group and Kennametal Products Group.<a class="footnote-ref" id="fnref:16" href="#fn:16"><sup>16</sup></a> </p> <h3>WIDIA Products Group</h3> <p>This group markets several brands: WIDIA, Hanita, and WIDIA GTD.<a class="footnote-ref" id="fnref:17" href="#fn:17"><sup>17</sup></a> The GTD stands for Greenfield Tap & Die and was initially formed in 1912.<a class="footnote-ref" id="fnref:18" href="#fn:18"><sup>18</sup></a> </p> <h3>Kennametal Products Group</h3> <p>Kennametal Products Group provides metalworking tools, metal powders, and wear-resistant coatings such as Conforma-Clad and <a href="/facts/Stellite/XsfgJzVY">Stellite</a>.<a class="footnote-ref" id="fnref:19" href="#fn:19"><sup>19</sup></a> </p> <h2 id="financial-results-and-credit-rating">Financial Results and Credit Rating</h2> <p>Kennametal's fiscal year ends on June 30.<a class="footnote-ref" id="fnref:20" href="#fn:20"><sup>20</sup></a> For fiscal years 2020 through 2024, results ranged from a loss of $5.66 million to net income of $118.46 million. With respect to the 2020 loss, the company said: "The effects of COVID-19 were felt in every region during the quarter and created a challenging environment."<a class="footnote-ref" id="fnref:21" href="#fn:21"><sup>21</sup></a> The company returned to profitability in the following fiscal year. </p><p>In September 2024, <a href="/facts/Moody%2527s_Ratings/Amjt74l9">Moody's Ratings</a> affirmed Kennametal's Baa3 credit rating, and opined that the outlook for the rating was "stable."<a class="footnote-ref" id="fnref:22" href="#fn:22"><sup>22</sup></a> </p> Net Income (Loss)<table><tbody><tr><th>Year</th><th>$ millions</th></tr><tr><td>2020<a class="footnote-ref" id="fnref:23" href="#fn:23"><sup>23</sup></a></td><td>($ 5.66)</td></tr><tr><td>2021<a class="footnote-ref" id="fnref:24" href="#fn:24"><sup>24</sup></a></td><td>$ 54.43</td></tr><tr><td>2022<a class="footnote-ref" id="fnref:25" href="#fn:25"><sup>25</sup></a></td><td>$ 114.62</td></tr><tr><td>2023<a class="footnote-ref" id="fnref:26" href="#fn:26"><sup>26</sup></a></td><td>$ 118.46</td></tr><tr><td>2024<a class="footnote-ref" id="fnref:27" href="#fn:27"><sup>27</sup></a></td><td>$ 109.32</td></tr></tbody></table> <h2 id="see-also">See also</h2> <ul><li><a href="/facts/Stellite/XsfgJzVY">Stellite</a></li></ul> <ul> <li>Companies portal</li></ul> <h2 id="external-links">External links</h2> Wikimedia Commons has media related to Kennametal. <ul><li><a href="http://www.kennametal.com">Official website</a></li> <li><a href="http://www.widia.com">Widia.com</a></li></ul> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>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. <a href="https://www.moodys.com" target="_blank">https://www.moodys.com</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>"Kennametal Inc: Company and People". Barron's. Retrieved 11 November 2024. <a href="https://www.barrons.com/market-data/stocks/kmt/company-people" target="_blank">https://www.barrons.com/market-data/stocks/kmt/company-people</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>"About Us". www.kennametal.com. Archived from the original on 2015-12-15. <a href="http://www.kennametal.com/en/about-us/company-profile.html" target="_blank">http://www.kennametal.com/en/about-us/company-profile.html</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> <li id="fn:4"><p>Derdak, Thomas. "Kennametal, Inc". Encyclopedia.com. Retrieved 10 November 2024. <a href="https://www.encyclopedia.com/books/politics-and-business-magazines/kennametal-inc-0" target="_blank">https://www.encyclopedia.com/books/politics-and-business-magazines/kennametal-inc-0</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></p></li> <li id="fn:5"><p>"Kennametal Being Used in Many Ways". Pittsburgh Post-Gazette. 4 September 1946. Retrieved 11 November 2024. <a href="https://www.newspapers.com/image/939768221/?match=1" target="_blank">https://www.newspapers.com/image/939768221/?match=1</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></p></li> <li id="fn:6"><p>"Kennametal of Canada Organized with Offices in Hamilton, Ontario". Toronto Star at Newspapers.com. 2 July 1940. Retrieved 11 November 2024. <a href="https://www.newspapers.com/image/939768221/?match=1" target="_blank">https://www.newspapers.com/image/939768221/?match=1</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></p></li> <li id="fn:7"><p>"Steel Export Unit to Sell Kennametal". Pittsburgh Sun-Telegraph via Newspapers.com. 12 November 1940. Retrieved 11 November 2024. <a href="https://www.newspapers.com/article/pittsburgh-sun-telegraph-us-steel-export/158840950/" target="_blank">https://www.newspapers.com/article/pittsburgh-sun-telegraph-us-steel-export/158840950/</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></p></li> <li id="fn:8"><p>"Research and Engineering Pace Company". Latrobe Bulletin via Newspapers.com. 15 December 1952. Retrieved 12 November 2024. <a href="https://www.newspapers.com/article/latrobe-bulletin/158898666/" target="_blank">https://www.newspapers.com/article/latrobe-bulletin/158898666/</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></p></li> <li id="fn:9"><p>"Plant Expands at Latrobe". Pittsburgh Post-Gazette via Newspapers.com. 14 May 1945. Retrieved 11 November 2024. <a href="https://www.newspapers.com/article/pittsburgh-post-gazette/158843332/" target="_blank">https://www.newspapers.com/article/pittsburgh-post-gazette/158843332/</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></p></li> <li id="fn:10"><p>"Kennametal - M&A Summary and Business Overview". Mergr. Retrieved 29 November 2024. <a href="https://mergr.com/company/kennametal" target="_blank">https://mergr.com/company/kennametal</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></p></li> <li id="fn:11"><p>"List of 6 Acquisitions by Kennametal". Tracxn. Tracxn Technologies Ltd. Retrieved 29 November 2024. <a href="https://tracxn.com/d/acquisitions/acquisitions-by-kennametal/__PC4j67hp_EBIOXHJ27N-nn9HtfT1CNDwG6bOrljg_yQ#list-of-acquisitions" target="_blank">https://tracxn.com/d/acquisitions/acquisitions-by-kennametal/__PC4j67hp_EBIOXHJ27N-nn9HtfT1CNDwG6bOrljg_yQ#list-of-acquisitions</a> <a href="#fnref:11" class="footnote-back-ref">↩</a></p></li> <li id="fn:12"><p>"Kennametal Announces Completion of Widia Acquisition | Kennametal Inc". investors.kennametal.com. Retrieved 2022-04-16. <a href="https://investors.kennametal.com/news-releases/news-release-details/kennametal-announces-completion-widia-acquisition" target="_blank">https://investors.kennametal.com/news-releases/news-release-details/kennametal-announces-completion-widia-acquisition</a> <a href="#fnref:12" class="footnote-back-ref">↩</a></p></li> <li id="fn:13"><p>"Kennametal, Inc. Steels Itself for M&A". The Mddle Market. Mergers and Acquisitions Report and SourceMedia, Inc. Retrieved 29 November 2024. <a href="https://www.themiddlemarket.com/news/kennametal-inc-steels-itself-for-m-a-MM44474" target="_blank">https://www.themiddlemarket.com/news/kennametal-inc-steels-itself-for-m-a-MM44474</a> <a href="#fnref:13" class="footnote-back-ref">↩</a></p></li> <li id="fn:14"><p>Boselovic, Len (16 September 2013). "Kennametal agrees to acquire Allegheny Technologies unit for $605 million". Pittsburgh Post-Gazette. Retrieved 29 November 2024. <a href="https://www.post-gazette.com/business/businessnews/2013/09/16/Kennametal-agrees-to-acquire-Allegheny-Technologies-unit-for-605-million/stories/201309160141" target="_blank">https://www.post-gazette.com/business/businessnews/2013/09/16/Kennametal-agrees-to-acquire-Allegheny-Technologies-unit-for-605-million/stories/201309160141</a> <a href="#fnref:14" class="footnote-back-ref">↩</a></p></li> <li id="fn:15"><p>"Products". www.kennametal.com. Archived from the original on 2015-11-21. Retrieved 2015-11-21. <a href="http://www.kennametal.com/en/products.html" target="_blank">http://www.kennametal.com/en/products.html</a> <a href="#fnref:15" class="footnote-back-ref">↩</a></p></li> <li id="fn:16"><p>"Kennametal Launches WIDIA Products Group". www.kennametal.com. Retrieved 2022-04-16. <a href="https://www.kennametal.com/us/en/news/122733.html" target="_blank">https://www.kennametal.com/us/en/news/122733.html</a> <a href="#fnref:16" class="footnote-back-ref">↩</a></p></li> <li id="fn:17"><p>"Services". www.widia.com. Retrieved 2022-04-16. <a href="https://www.widia.com/us/en/services.html" target="_blank">https://www.widia.com/us/en/services.html</a> <a href="#fnref:17" class="footnote-back-ref">↩</a></p></li> <li id="fn:18"><p>"WIDIA GTD". www.widia.com. Retrieved 2022-04-16. <a href="https://www.widia.com/us/en/featured/widia-gtd.html" target="_blank">https://www.widia.com/us/en/featured/widia-gtd.html</a> <a href="#fnref:18" class="footnote-back-ref">↩</a></p></li> <li id="fn:19"><p>"Products". www.kennametal.com. Retrieved 2022-04-16. <a href="https://www.kennametal.com/us/en/products.html" target="_blank">https://www.kennametal.com/us/en/products.html</a> <a href="#fnref:19" class="footnote-back-ref">↩</a></p></li> <li id="fn:20"><p>"Kennametal Inc. Financial Statements". Wall Street Journal. Retrieved 1 March 2025. <a href="https://www.wsj.com/market-data" target="_blank">https://www.wsj.com/market-data</a> <a href="#fnref:20" class="footnote-back-ref">↩</a></p></li> <li id="fn:21"><p>"Kennametal Announces Fourth Quarter and Fiscal Year 2020 Results". Kennametal corporate web site. Retrieved 11 November 2024. <a href="https://investors.kennametal.com/news-releases/news-release-details/kennametal-announces-fourth-quarter-and-fiscal-2020-results" target="_blank">https://investors.kennametal.com/news-releases/news-release-details/kennametal-announces-fourth-quarter-and-fiscal-2020-results</a> <a href="#fnref:21" class="footnote-back-ref">↩</a></p></li> <li id="fn:22"><p>"Moody's Investors Service affirms Kennametal at "Baa3" (LT- local currency credit rating); outlook stable". CBonds. Retrieved 11 November 2024. <a href="https://cbonds.com/news/3059261/" target="_blank">https://cbonds.com/news/3059261/</a> <a href="#fnref:22" class="footnote-back-ref">↩</a></p></li> <li id="fn:23"><p>"Google Finance: Kennametal Inc". Google Finance, Kennametal Inc. Retrieved 11 November 2024. <a href="https://www.google.com/finance/quote/KMT:NYSE" target="_blank">https://www.google.com/finance/quote/KMT:NYSE</a> <a href="#fnref:23" class="footnote-back-ref">↩</a></p></li> <li id="fn:24"><p>"Google Finance: Kennametal Inc". Google Finance, Kennametal Inc. Retrieved 11 November 2024. <a href="https://www.google.com/finance/quote/KMT:NYSE" target="_blank">https://www.google.com/finance/quote/KMT:NYSE</a> <a href="#fnref:24" class="footnote-back-ref">↩</a></p></li> <li id="fn:25"><p>"Google Finance: Kennametal Inc". Google Finance, Kennametal Inc. Retrieved 11 November 2024. <a href="https://www.google.com/finance/quote/KMT:NYSE" target="_blank">https://www.google.com/finance/quote/KMT:NYSE</a> <a href="#fnref:25" class="footnote-back-ref">↩</a></p></li> <li id="fn:26"><p>"Google Finance: Kennametal Inc". Google Finance, Kennametal Inc. Retrieved 11 November 2024. <a href="https://www.google.com/finance/quote/KMT:NYSE" target="_blank">https://www.google.com/finance/quote/KMT:NYSE</a> <a href="#fnref:26" class="footnote-back-ref">↩</a></p></li> <li id="fn:27"><p>"Google Finance: Kennametal Inc". Google Finance, Kennametal Inc. Retrieved 11 November 2024. <a href="https://www.google.com/finance/quote/KMT:NYSE" target="_blank">https://www.google.com/finance/quote/KMT:NYSE</a> <a href="#fnref:27" class="footnote-back-ref">↩</a></p></li> </ol>