1200...Kennametal to trim 150 Pa. jobs, 1,050 more
Tuesday, January 13, 2009
By Teresa Lindeman, Pittsburgh Post-Gazette
Kennametal Inc. announced a global decline in industrial production has forced the Latrobe company to take steps to reduce costs, including trimming its global work force by about 1,200 positions and revising earnings guidance.
An estimated 150 of the job cuts will come at the specialty toolmaker's six Pennsylvania facilities, including 90 headquarters positions and a total of about 60 positions at sites in Irwin, Bedford and New Castle, said a company spokeswoman.
"We are implementing and accelerating restructuring in response to the current market challenges," said Carlos M. Cardoso, chairman, president and chief executive officer, in a prepared statement. "While we will work to minimize the impact of these actions on our customers and employees, we will continue to monitor the economic environment and take further steps as warranted."
Plans call for reducing the global salaried work force by about 800 jobs, a move expected to generate pretax savings of approximately $70 million. Those cuts will be completed in the next three to six months.
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