Q: Kennametal's flexibility helped to make fiscal 2008 a landmark year. Will flexibility continue to be a major goal in 2009 as well as expansion into growing markets?
Kennametal's financial flexibility has helped it to make strategic acquisitions and continue investing--even during challenging market conditions.
"We began planning for economic bad times during the good times by setting five core growth strategies," said Kennametal CEO Carlos Cardoso, president and chairman.
Kennametal began by targeting rapidly emerging economies.
Another strategy called for Kennametal to grow its advanced materials business unit to be equal in size to its machining business. It also committed to having at least 40 percent of its annual sales come from new products.
"Of course, no one predicted the length and depth of the current economic...