Kennametal Announced as Outstanding Corporate Innovator
The award from PDMA recognizes sustained innovation success and quantifiable business results for five or more years from new products and services.
Posted: October 6, 2010
The Product Development and Management Association (PDMA) (Mount Laurel, NJ), a global network of product innovation professionals, recently announced Kennametal Inc. (Latrobe, PA) as the winner of its 2010 Outstanding Corporate Innovator (OCI) award. Kennametal, a leading global supplier of tooling, engineered components and advanced materials that are consumed in production processes, will receive the OCI Award at PDMA?s 34th Annual Global Conference on Product Innovation Management, October 16 ? 20, 2010, at Rosen Shingle Creek in Orlando, FL.
?Kennametal has demonstrated an impressive corporate commitment to innovation which has resulted in a successful track record of significant new product launches in the past five years,? said Sally Evans Kay, chair of PDMA?s OCI award selection committee. ?It?s an honor to be recognized as PDMA?s 2010 Outstanding Corporate Innovator,? stated John Tucker, vice president and chief technical officer of Kennametal. ?Our success is grounded in a strong foundation of innovation principles and practices, executed by our exceptional team of professionals.?
In 2009, 43 percent of the cutting tool manufacturer's sales came from products less than five years old, up from 17 percent in the late 1990s. Key to the improvement was the establishment of a corporate innovation strategy to introduce new products at a market-leading pace. Instrumental to implementing the strategy was the development of a robust and disciplined stage gate process. Since being recognized as an OCI Finalist in 2007, the company has established the Innovation Ventures Group (IVG), a dedicated organization focused on emerging business opportunities which capture new sources of customer value.
Tucker will present the organization's principles and success stories, including a case study on the company?s most recent breakthrough technology, at the PDMA Global Conference on October 20. ?This is a rare opportunity to ?look under the hood? of a successful company,? continued Kay. "The learning and application from their presentation is undoubtedly a priceless opportunity for companies wishing to grow their innovative practices.?
ABOUT THE OCI AWARD
The Product Development & Management Association?s (PDMA) Outstanding Corporate Innovator Award (OCI) recognizes sustained (five or more years) quantifiable business results from new products and services. 2010 is the 23rd year in which PDMA has given this award, and the winners represent a group of global corporations widely recognized and respected for their innovation success. The Product Development and Management Association (PDMA) is a global advocate for product development and management professionals. Its mission is to improve the effectiveness of individuals and organizations in product development and management. PDMA accomplishes this by providing resources for professional development, information, collaboration and promotion of new product development and management.
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