June 18, 2008
Kyocera Acquires On Time Machining Company
Kyocera Industrial Ceramics Corporation today announced that it has signed a definitive agreement to acquire On Time Machining Company (OTM) from Kennametal Inc. The acquisition is scheduled to close by June 30.
OTM, based in Wapakoneta, Ohio, is a manufacturer and supplier of indexable cutting tool products including drills, end mills, face mills, chamfer mills, aluminum cutting mills, counterbores and countersinks.The integration of the OTM business into Kyocera's U.S. Cutting Tool Division expands and complements Kyocera's drilling, milling, grooving and turning product offerings, increases Kyocera's existing North American manufacturing capacity for indexable cutting tools and strategically enhances Kyocera's capabilities in offering custom toolholder solutions.
Kyocera Industrial Ceramics Corporation (http://www.kyocera.com/kicc) is headquartered in Vancouver, WA. The company manufactures cutting tools and advanced ceramic components, and markets LCDs, thermal printheads, ultra high vacuum metallized assemblies and industrial lenses. It is a wholly-owned subsidiary of Kyocera International, Inc. of San Diego, the North American holding company for Kyocera Corporation.
Kyocera Corporation (NYSE:KYO) (http://www.kyocera.com), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of advanced ceramics. By combining these engineered materials with metals and plastics, and integrating them with other technologies, Kyocera has become a leading supplier of cutting tools, solar energy systems, telecommunications equipment, semiconductor packages, electronic components, laser printers, copiers and industrial ceramics. During the year ended March 31, 2008, the company's net sales totaled 1.29 trillion yen (approximately $12.9 billion).