Kennametal Increases Holding in Spanish and Italian Affiliates

Kennametal Inc. announced today that it has recently increased its ownership in its Italian and Spanish affiliates. This action grows Kennametal's ownership in Kennametal Italia S.p.A. from 55 percent to 66 percent and in Kenci S.A. from 43 percent to 53 percent.

Kennametal Italia S.p.A. serves the Italian metalworking market via a highly skilled sales force and service center and also operates a manufacturing facility that provides high-performance products for Kennametal's worldwide sales network. Kenci S.A. serves the metalworking market in Spain and Portugal with a market-leading sales and service organization. Kennametal has long enjoyed robust growth and strong financial performance in the Italian, Spanish and Portuguese markets through these two important affiliates. The increase of ownership in these companies provides an opportunity for Kennametal to expand opportunities to serve customers in these growing key markets.

"Increasing our ownership in these companies is another example of our ongoing strategy to invest, grow and increase our customer base in important markets around the world," said Carlos Cardoso, Kennametal President and CEO. "We have had great success in Italy, Spain and Portugal over the years and we will continue to build upon that to enhance service to existing customers and to reach new ones."