, a provider of mining and highway construction equipment, said Wednesday it completed the sale of its U.K.-based Presto high speed steel assets to
for $1.5 million.
The Latrobe, Pa.-based company also said that the divestiture of its Kemmer Praezision Electronics business, which makes tools used to manufacture printed circuit boards, is completed in Europe and the United States and is in progress in Asia Pacific.
, a private investment company, is expected to close on the remaining Asia Pacific portion of the business in the first half of fiscal 2007.
Both dispositions are in line with the company's strategy to focus on its core technology business. Suncraft will continue to be an important supplier to Kennametal for various components and products, the company said.
The company's shares closed down 35 cents at $57.91 Wednesday.
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