Deals
Kennametal to Buy Allegheny Unit for $605 Million
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Kennametal Inc., a maker of metal-cutting tools, agreed to buy supplier Allegheny Technologies Inc.’s tungsten materials unit for $605 million, helping expand in aerospace and energy with its biggest purchase since 1997.
The deal is structured as both an asset and stock purchase that will create a cash tax benefit of as much as $70 million, Kennametal said in a statement. The Latrobe, Pennsylvania-based company said it expects the transaction to close by year-end.