October 13, 1997 |
Kennametal Inc. said it will buy Greenfield Industries Inc. for about $1 billion in cash and assumed debt, expanding its products and markets. Latrobe, Penn.-based Kennametal said it will pay $38 a share for all of Greenfield's common stock, about an 18% premium over Friday's closing price of $32.19. It also would assume about $320 million of debt and convertible preferred securities. Augusta, Ga.-based Greenfield had 1996 sales of $520 million and earnings of $26.2 million in net income.
August 31, 1993 |
Siemens Solar Industries, the Camarillo solar-energy firm, has named a new chief executive. George W. Roland, a former corporate vice president of Kennametal Inc. of Latrobe, Penn., became Siemens' president and CEO, filling a position left vacant by the resignation of Charles Gay in April. Roland was director of technology at Kennametal. Before that, he was involved in solar energy research at Westinghouse Electric Corp.
April 9, 1986 |
A committee to represent creditors in the bankruptcy reorganization of Smith International was formally appointed Monday by the office of the U.S. trustee in Los Angeles. Represented on the 19-member committee are some of the Irvine-based oil service company's largest creditors, including Hughes Tool Co. of Houston, a business competitor that won a $204.6-million award in a lawsuit against Smith for patent infringement.
September 21, 1998 |
Tungsten makes steel tougher, car engines heat-resistant, golf clubs heftier and light bulbs luminescent. It's a critical ingredient in oil-drill bits and armor-piercing bullets. In February, however, worldwide supplies of tungsten ore began to dwindle, and the handful of American companies that use the metallic element are arguing over a proposed solution. Leading the call to action is Osram Sylvania Inc.
November 27, 1997 |
Donald Carnegie McKenna, a founder of and major donor to what became Claremont McKenna College, died Wednesday at 90. McKenna, also a businessman and breeder of champion Arabian horses, died at his home in Laguna Beach after a stroke, college spokesmen said. The philanthropist's engrossment with the Claremont Colleges began as a teenager when his father, Pennsylvania steel metallurgist A.G.