Kennametal offers 1,000 which-collar buyouts to cut costs
LATROBE, Pa. (AP) — Kennametal Inc. is offering 1,000 salaried U.S. workers buyouts to cut costs after reporting a $388 million loss for the quarter that ended in December.
The white-collar workers aren’t being forced to take the cuts, but must let the Latrobe-based company know by Feb. 20 if they’re interested. Those who take the deal will receive enhanced severance and medical benefits.
Company spokeswoman Lorrie Crum won’t say how many of the workers need to take the buyouts for the company to reach its cost-cutting goal. Chief Executive Officer Don Nolan said last month the company has to cut $90 million to $105 million annually.
The company has more than 14,000 employees, including 5,000 in the United States.
The company based about 40 miles east of Pittsburgh makes specialty cutting and drilling tools for construction, industrial and energy uses.