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.[2]
General office of predecessor firm Vanadium Alloys Steel; large lumps of coal in foreground
History
Kennametal was founded in 1938 by Philip M. McKenna in the Latrobe, Pennsylvania area.[3][4] 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.[5]
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.[6]
In July 1940, Kennametal of Canada Ltd. was organized for the purpose of "manufacturing Kennametal, the new steel cutting carbide, for Canada and British dominions."[7]
In November 1940, United States Steel Export Company reached an agreement to sell Kennametal tools, tool blanks, drawing dies and other Kennametal products in foreign markets.[8]
During World War II, more than 50% of the artillery shells produced in the United States were machined with the Kennametal product.[9] During this period the company developed a new type of anti-tank projectile made of tungsten with a hard carbide core.[10]
In 2009, Kennametal announced that they migrated all its current brands into two distinct portfolios: WIDIA Products Group and Kennametal Products Group.[17]
WIDIA Products Group
This group markets several brands: WIDIA, Hanita, and WIDIA GTD.[18] The GTD stands for Greenfield Tap & Die and was initially formed in 1912.[19]
Kennametal Products Group
Kennametal Products Group provides metalworking tools, metal powders, and wear-resistant coatings such as Conforma-Clad and Stellite.[20]
Financial Results
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 fiscal year 2020 loss, the company said: "The effects of COVID-19 were felt in every region during the quarter and created a challenging environment."[21] 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."[22]
