Kennametal to fund Deloro Stellite purchase through credit facilities

By Tali David

Minneapolis, Jan. 17 - Kennametal Inc. plans to fund the acquisition of Deloro Stellite Holdings 1 Ltd. through existing credit facilities and operating cash flow, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into a share sale and purchase agreement to purchase Deloro Stellite for about €277 million.

The acquisition is expected to close within 60 to 90 days, or as soon as the conditions to closing have been satisfied or waived.

Kennametal is a Latrobe, Pa., manufacturer, marketer and distributor of cutting tools, tooling systems, supplies and technical services, as well as wear-resistant parts.

Deloro Stellite provides wear resistant alloys using cobalt, nickel and iron.

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