Kennametal to buy Allegheny's tungsten materials business for $605 mln

Sept 16 Mon Sep 16, 2013 7:59am EDT

Sept 16 (Reuters) - Industrial toolmaker Kennametal Inc said it would buy Allegheny Technologies Inc's tungsten materials business for $605 million to strengthen its materials and cutting tools business.

Kennametal said it expected the acquisition to be neutral for earnings for fiscal 2014 ending June.

Allegheny Technologies' tungsten material business, ATI Tungsten Materials, makes tungsten powder, tungsten heavy alloys, tungsten carbide materials and carbide cutting tools.

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