, a provider of mining and highway construction equipment, said Monday it completed a previously reported divestiture as well as an acquisition, part of its strategy to focus on its core business and grow its advanced materials sector.
The Latrobe, Pa.-based company completed the divestiture of its consumer products business, the
, formerly known as South Deerfield Industrial, to
, a private investment firm, for $34 million, on Sept. 15. The sale includes the industrial sawblade division of Kennametal's industrial products group.
The company also acquired Canada-based Camco Cutting Tools and Advanced Powder Fusion, a maker of specialized saw tips and supplies to the forestry and woodworking industries in Canada and the U.S., for an undisclosed sum. Camco and its 40 employees joined Kennametal's engineered products group effective Aug. 31.
"The acquisition of Camco serves as an example of how we are moving to grow our advanced materials business both organically and through strategically aligned acquisitions," the company said. "At the same time, the divestiture of our consumer products business demonstrates our determination to concentrate on our core business."
Shares of Kennametal closed down 36 cents to $55.56 Monday.
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