Kennametal completes sale of Goshen, IN subsidiary for $19M; immaterial pre-tax loss

KENNAMETAL INC

Sold Kennametal Stellite, L.P. (surface coating/welding) to a Chicago-based private equity firm.
Proceeds of $19M at closing, subject to post-closing adjustments; EBITDA-based earn-out possible over 3 years.
Pre-tax loss on sale is immaterial; subsidiary represents less than 2% of total sales.
Proceeds to be used for general corporate purposes; step to improve sales mix and reduce material cost volatility.
The operation is part of Kennametal's Infrastructure segment.

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