Kennametal

(KMT) - Get Report

, a metal-cutting, mining and construction equipment supplier, said it is selling its U.K.-based Presto brand high speed steel assets to Suncraft International.

The company said the net cost impact of the transaction will be about 24 cents a share and is included in the estimated 55 cents to 70 cents a share total manufacturing rationalization charge announced earlier.

The sale is expected to close by June 30.

Suncraft will acquire the U.K. assets and manufacturing operations of the business and will assume the lease of a 10,827 square meter facility located in Sheffield, England. The employees at the facility will become Suncraft employees on the close of the transaction, Kennametal said.

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