Pittsburgh's Kennametal cutting 1,000 in drilling slowdown

By The Associated Press

 

 

PITTSBURGH (AP) — Pittsburgh-based Kennametal Inc. says it's cutting 1,000 jobs over the next 15 months, citing weak demand for the coal-mining and gas-drilling cutting tools it makes.

The company announced the cuts to its 12,000-strong workforce on Monday, but didn't say what facilities will be affected.

Kennametal had more than 14,000 employees, including 5,000 in the United States, just two years ago. It has since offered some employees buyouts and sought to sell off some plants to cut costs.

The job cuts come as Kennametal reported a $66.5 million loss for its fourth quarter, which wrapped up June 30. The company reported earnings of $21.1 million for the same quarter last year.

Kennametal says its fourth-quarter sales were $521.2 million, down from $637.7 million last year.

 

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