Kennametal Inc., headquartered in Latrobe, Penn., announced Wednesday its purchase of Federal Signal Corp.'s cutting tool businesses including Manchester Tool Co., ClappDiCO Corp. and On Time Machine, Inc. (OTM) for about $67 million.
The sale is expected to be completed by late January or early February 2007.
Federal Signal's cutting tool businesses, with annual sales of nearly $40 million, manufacture super-hard polycrystalline diamond and cubic boron nitride cutting tools, tool holding systems and certain specialized turning tools which will be complementary to Kennametal's product range of tooling, engineered components and advanced materials for production processes.
The three Federal Signal companies are based in Ohio.
Federal Signal, headquartered in Oak Brook, Ill., a manufacturer of safety and security products and fire rescue and environmental vehicles, will continue to operate its industrial die and mold tooling businesses, Dayton Progress Corp. and PCS Co.
