Kennametal to Close Facility, Slash Jobs as Part of Cost-Cutting Plan

Dow Jones

2025/01/15

Kennametal plans to close three to five plants and reduce costs by $100 million. "Kennametal to Close Facility, Slash Jobs as Part of Cost-Cutting Plan," at 5:16 p.m. ET on Jan. 14, incorrectly said the company planned to cut its head count by 20%, close six plants and reduce costs by $200 million.

(END) Dow Jones Newswires

January 15, 2025 14:10 ET (19:10 GMT)

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Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Kennametal to Close Facility, Slash Jobs as Part of Cost-Cutting Plan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; 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Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"KMT","symbol_name":"肯纳金属","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2503680347","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2503680347","pubTimestamp":1736892960,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Kennametal plans to close a facility and lower its head count as part of a broader effort to cut $200 million in costs.The tool manufacturer intends to close its Greenfield, Mass., facility and consolidate two sites in Spain into a single location. The Greenfield facility is expected to stop operating in April and close by the end of the year. Kennametal expects the consolidation in Spain to be completed by the end of June.Kennametal said it is initiating layoffs to mitigate softer market conditions, especially in Europe, the Middle East and Africa. The headcount reduction is expected to generate $15 million in pre-tax savings this year. It plans to spend about $25 million on severance and other related costs. The number of layoffs wasn't disclosed.The company said the moves were part of a larger effort to streamline its business, which it first discussed in September 2023. That plan called for cutting headcount by 20%, closing six plants and reducing costs by $200 million.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"KMT":"肯纳金属","BK4161":"工业机械"},"translate_title":"作为成本削减计划的一部分，肯纳金属将关闭工厂并裁员","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KMT":1},"content_text":"Kennametal plans to close three to five plants and reduce costs by $100 million. \"Kennametal to Close Facility, Slash Jobs as Part of Cost-Cutting Plan,\" at 5:16 p.m. ET on Jan. 14, incorrectly said the company planned to cut its head count by 20%, close six plants and reduce costs by $200 million. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 15, 2025 14:10 ET (19:10 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"executive","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}