Feb 1 2007
Kennametal Inc. announced today that it has completed the previously announced acquisition of Federal Signal Corporation's cutting tool business comprised of Manchester Tool Company, ClappDiCO Corporation and On Time Machine, Inc. (OTM).
With annual sales of approximately $40 million, Federal Signal Corporation's cutting tool business produces, markets and services super hard polycrystalline diamond and cubic boron nitride cutting tools, tool holding systems and certain specialized turning tools which are complementary to Kennametal's product range.
"We are excited to welcome Federal Signal Corporation's cutting tool business to the Kennametal product line," commented Ron Keating, Corporate Vice President and President Metalworking Solutions and Services Group. "Their technologies will add to our current metalcutting capabilities and will provide additional opportunities for us to serve rapidly growing industry segments such as aerospace, energy and die and mold," he concluded.