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Exhibit 99.1
Slide 1 - JLK
Disclosure materials, including a tender offer statement describing the
definitive merger agreement for Kennametal to acquire the outstanding shares of
JLK that Kennametal does not already own and the structure of that transaction,
will be filed with the Securities and Exchange Commission (SEC) and transmitted
to the minority shareholders of JLK for their careful review. Investors and
security holders of JLK are urged to read these disclosure materials when they
become available because they will contain important information. When these and
other documents are filed with the SEC, they may be obtained for free at the
SEC's website at www.sec.gov. Copies of these documents, when available, may
also be obtained free of charge from Kennametal and JLK.
Slide 2 - JLK: Fiscal 2000 Recap
o JLK identified as non-core
o Evaluated strategic alternatives
o Unable to realize acceptable value
o Management issues
o Operational difficulties identified
- Business systems
- Order processing & fulfillment
- Product management
o Recovery actions initiated
o Offer extended for minority shares
Slide 3 - JLK Buy-In ($ In millions, except per share data)
o Purchase price of $8.75/share
o Cash value of approximately $37M
o JLK to complete tender offer
Slide 4 - JLK Recovery Plan
o Streamline Business Model
o People
o New CEO / management changes
o Improve morale
o Operations
o Consolidate warehouses
o Close underperforming stores
o Consolidate call centers
Estimated special charges of $15 - $20 million
Slide 5 - JLK - Conclusions
o JLK is still a good franchise
o Underperformance can and will be fixed
o Long-term strategy unchanged
