Kennametal

(KMT) - Get Report

, a provider of mining and highway construction equipment, said it agreed to buy Germany's Sintec Group for an undisclosed amount.

Sintec manufactures ceramic engineered components used in the aerospace, general engineering, metallizing and medical markets.

The transaction is expected to close by June 30, the company said.

"The acquisition of the Sintec Group is directly in line with our strategy to grow both organically and through acquisitions in the advanced materials and engineered components space," the company said.

The company's shares were trading at $54.84, down $1.20, or 2.1% Monday.

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