New Albany, IN – (February 12, 2004) - Conforma Clad Inc. announced today that its current owners, led by Jacobson Partners, a private equity group based in New York, have reached agreement to sell all outstanding shares of the Company to Kennametal Inc. in a transaction expected to close by the end of March. Conforma Clad will continue to operate as a standalone business, reporting as part of Kennametal’s Advanced Materials Solutions Group (AMSG).
“Conforma Clad is a strong business that has been an excellent investment; we expect that the Company will continue to grow in its new relationship as a part of Kennametal” said current Chairman and Jacobson Partner Rick Horan. “We are delighted to welcome
Conforma Clad into Kennametal and AMSG. We are impressed with Conforma Clad’s
success on its own, but we expect that, with our support, Conforma Clad can be an even
stronger business” said Jim Breisinger, Vice President of Kennametal Inc. and President,
Advanced Materials Solutions Group.
Mike Harlan, President of Conforma Clad, said “We are very pleased to join Kennametal.
We expect that the combination of our expertise in severe wear solutions and their broader technological expertise will enable us to deliver more high value solutions for more customers. In addition to supporting the growth of our ongoing service to oil and gas drilling, extrusion, and power generation customers, Kennametal’s established worldwide presence, especially in Europe and Asia, will help to accelerate our growth.”
Conforma Clad Inc. is a leading provider of severe wear solutions for applications involving extreme abrasion, corrosion and erosion. Conforma Clad markets and manufactures engineered components with a proprietary metal cladding process. It is the major supplier of radial bearings used in directional drilling for oil and gas. For the plastic and food industries, Conforma Clad provides wear resistant extruder barrels, liners, screws, and dies.
Conforma Clad, which has been in operation since 1981, is based in New Albany, Indiana. For more information visit www.conformaclad.com
Kennametal Inc. aspires to be the premier tooling solutions supplier in the world, providing a broad range of technologically advanced tools, tooling systems and engineering services aimed at improving customers' manufacturing competitiveness. With about 14,000 employees worldwide, the company's annual sales approximate $1.8 billion, with nearly half coming from international sales in more than 60 countries. For more information, visit the company's web site at www.kennametal.com.
