Reed Smith Aids Kennametal's $605M Tungsten Carveout

Law360, New York (September 16, 2013, 4:18 PM EDT) -- Industrial materials suppler Kennametal Inc. said Monday it will pay $605 million for the tungsten business of Pittsburgh-area rival Allegheny Technologies Inc., expanding its footprint in the aerospace and energy markets.

Kennametal said the carveout, which it will fund through cash on hand and an existing credit line, will save at least $30 million on plans for a new tungsten plant and bring in up to $70 million in cash tax benefits. The acquired business accounted for about $340 million in sales last year, or about...
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