Kennametal, Inc. is a manufacturer of high-performance cutting tools and engineered components used in the aerospace, defense, transportation and oil and gas drilling industries. Its customer base is global.
History
Kennametal was founded in 1938 by Philip M. McKenna in the Latrobe, Pennsylvania area.
The company evolved from Vanadium Alloys Steel Company (VASCO), founded in 1910 by the McKenna family with its headquarters in Latrobe, Pennsylvania. While research director of VASCO, metallurgist Philip McKenna developed and received a patent for a tungsten-titanium carbide composition. McKenna formed Kennametal, Inc. for the purpose of marketing this alloy.
The company's original flagship product, known as "Kennametal", was introduced in the late 1930s. It was described as "much harder than the hardest tool steel," which enabled high-rate steel cutting not possible previously.
During World War II, more than 50% of the artillery shells produced in the United States were machined with the Kennametal product.
The company has expanded through acquisitions,
Production
Kennametal products:
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Blades, disks, skins, fuel control systems, and landing gear for the aerospace industry
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Synthetic fertilizers for agriculture
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Camshafts, crankshafts, cylinder heads, rotors, calipers and differentials for
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Roofing and abrasives for home construction
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Asphalt, stabilization tools, and tunneling equipment for road construction
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Woodworking tools
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Machining industries:
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: Machining centers, turning centers (CNC lathes), (screw machines)
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Tooling for machine tools:
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Indexable toolholders,
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fixtures
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cutting tools (via Products Group, a consolidation of various brands in this industry): tipped tool, , , taps and dies, metal sawing cutters and tooling
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Mining equipment
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Abrasives and flow control for the oil industry
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Generating equipment for electric power plants
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Fluids for the paper industry
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Wheels and axles for rail transport
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Custom engineering
Brands
In 2009, Kennametal announced that they migrated all its current brands into two distinct portfolios: WIDIA Products Group and Kennametal Products Group.
WIDIA Products Group
This group markets several brands: WIDIA, Hanita, and WIDIA GTD.
The GTD stands for Greenfield Tap & Die and was initially formed in 1912.
Kennametal Products Group
Kennametal Products Group provides metalworking tools, metal powders, and wear-resistant coatings such as Conforma-Clad and
Stellite.
Financial Results and Credit Rating
Kennametal's fiscal year ends on June 30.
For fiscal years 2020 through 2024, results ranged from a loss of $5.66 million to net income of $118.46 million. With respect to the 2020 loss, the company said: "The effects of COVID-19 were felt in every region during the quarter and created a challenging environment."
The company returned to profitability in the following fiscal year.
In September 2024, Moody's Ratings affirmed Kennametal's Baa3 credit rating, and opined that the outlook for the rating was "stable."
| + Net Income (Loss) |
|
| ($ 5.66) |
| $ 54.43 |
| $ 114.62 |
| $ 118.46 |
| $ 109.32 |
|
See also
External links
