XML 21 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900
Divestiture Divestiture
6 Months Ended
Dec. 31, 2015
Divestiture [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
DIVESTITURE

During the three months ended December 31, 2015, Kennametal completed its transaction to sell all of the outstanding capital stock of: Kennametal Extrude Hone LLC and its wholly owned subsidiaries, Kennametal Stellite S.r.l. (Bellusco, Italy), Kennametal Stellite S.p.A. (Milan, Italy), Kennametal Stellite GmbH (Koblenz, Germany); and all of the assets of the businesses of: Tricon (manufacturing operations in Birmingham, Alabama; Chicago, Illinois; and Elko, Nevada), Landis (manufacturing operation in Waynesboro, Pennsylvania); and all of the assets located at the Biel, Switzerland manufacturing facility ("non-core businesses") to Madison Industries for an aggregate price of $61.1 million cash, net of cash sold and working capital settlements. A portion of the transaction proceeds were used to pay down revolver debt with the remaining balance being held as cash on hand.

The net book value of these non-core businesses immediately prior to the transaction was $182.5 million, which includes the impact of cumulative translation adjustments. We recognized a pre-tax loss on the sale of $133.3 million during the three months ended December 31, 2015 which included the impact of working capital adjustments and deal costs. Charges of $126.0 million and $7.3 million were recorded in the Infrastructure and Industrial segments, respectively.