Kennametal Inc. (NYSE:KMT) announced plans to expand its tungsten-cobalt blended powder operations in China.
As quoted in the press release:
Both multiyear projects focus on diversifying Kennametal’s tungsten sourcing to balance supplies, costs and access to raw materials, while also supporting sustainability and its global growth strategy to achieve one-third of revenues each from North America, Europe and Asia/Rest of World. By adding tungsten-cobalt blended powder capacity in Tianjin close to China’s source mines, the company expects to streamline customer service in that region while reducing export delays and duties on the material. The company noted that initial capital plans for these projects are included in its FY13 forecast.