Kennametal (KMT) Accelerates Structural Changes from Simplification/Modernization

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Go back to Kennametal (KMT) Accelerates Structural Changes from Simplification/Modernization

Kennametal Accelerates Structural Changes from Simplification/Modernization; Outlines Cost-Control Actions to Mitigate COVID-19 Headwinds

June 9, 2020 6:45 AM EDT

PITTSBURGH, June 9, 2020 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) today is providing an update on its ongoing Simplification/Modernization initiative. In addition, it is announcing continuing cost-control actions to mitigate the lower market conditions associated with COVID-19.

Simplification/Modernization

As part of its ongoing Simplification/Modernization initiative, the Company is accelerating its structural cost reduction plans. A restructuring of approximately 10 percent of salaried employees globally is expected to be substantially complete in the first half of fiscal 2021.

"Within our Simplification/Modernization initiative, the current market conditions provide an... More