Kennametal snaps up US cutting tool specialists
Global cutting tool supplier Kennametal Inc is set to acquire part of the cutting tool business of Federal Signal Corp, based in Oak Brook, Illinois, USA.
The acquisition comprises three of Federal Signal's cutting tool companies - Manchester Tool Company, ClappDiCO Corporation and On Time Machine Inc (all based in the State of Ohio) - and Kennametal is said to have paid approximately $67 million. Federal Signal retains other tooling activities.
Manchester Tool Company and On Time Machine Inc specialise in carbide cutoff, grooving, threading, drilling and high speed milling inserted carbide tooing. ClappDiCO claims "the broadest product offering in the United States of polycrystalline diamond (PCD) and cubic boron nitrite (CBN) cutting tools".
These cutting tool business have annual sales of approximately $40 million.
Federal Signal is a worldwide manufacturer and supplier of street cleaning, vacuum loader and refuse collection vehicles; fire rescue vehicles; safety, signaling and communication equipment; parking systems; and tooling products.
