Kennametal history

Although the firm was initially set up as a sole proprietorship to develop and manufacture tool materials, in 1940 Philip convinced his cousin Alex, his brother Donald, and other McKenna family members to join him as partners in the new company.

By the end of fiscal 1941, however, sales had skyrocketed to $999,000.

Throughout the war, the company helped machine the enormous quantities of steel required to produce war materials for the United States armed forces. It improved tooling for shell production at the same time that it developed a process that increased the production of tungsten carbine penetrators (the outer core of a shell casing made to pierce German tank armor). Kennametal's revenues increased to $7.55 million by the end of fiscal 1943.

The end of the war in 1945 triggered a decrease in orders from the United States government, and Kennametal's revenues suddenly dropped.

In 1946 the company started a virtual revolution in the metal cutting industry.

When mining was halted in 1957, the company patented an original process to reduce tungsten ore concentrates into tungsten carbide.

The company incorporated in 1964 manufactures hard metal products mining tools special-purpose machines metal castings formings jigs and fixtures.

Philip McKenna died in 1969, but the company remained under the management of family members.

By the end of fiscal 1979, sales had more than tripled, net income and earnings per share had quadrupled, and dividends had more than doubled.

In 1983, however, sales dropped 31 percent due to the worst recession since World War II. Nonetheless, management initiated a comprehensive expansion and acquisition strategy.

JLK Direct was spun off from Kennametal in early 1997, roughly two years before McGeehan's retirement.

1999: Markos Tambakeras is appointed president and chief executive officer.

In November 2000, Kennametal paid $36 million to purchase all the outstanding shares of JLK Direct, returning the company to its role as a wholly-owned, private subsidiary.

The company strengthened its position in its Asia Pacific territory with the 2002 purchase of Widia (India) Ltd., a India-based maker of carbide-tipped, metal-cutting tools that primarily served the automotive and defense industries.

2004: Revenues reach a record high of $1.97 billion.