Home » Kennametal Announces Plans to Eliminate 800 Positions
Kennametal Announces Plans to Eliminate 800 Positions
January 11, 2009
Kennametal Inc., Latrobe, PA, announced plans to reduce headcount by 800 positions within the next three to six months in an effort to address current market challenges and reduce costs while improving competitiveness. The cuts are in addition to 400 positions announced as part of a restructuring plan in April 2008.
A global decline in industrial production, amplified by customers reducing their inventories has significantly decreased demand and precipitated further cost reduction actions. In addition to the headcount reductions, the company continues to adjust its manufacturing workforce in line with production requirements and to implement other steps to reduce costs.
The global supplier of tooling, engineered components and advanced materials expects to report an organic sales decline of approximately 10% for its fiscal 2009 second quarter ended Dec. 31, 2008.