Kennametal to cut 1,000 jobs due to drilling slowdown

Published
August 03, 2016 - 04:00am

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.

INDUSTRY NEWS

11/08/2024
Since May 2024, Intercable Tools GmbH, a more than 50-year-old manufacturer of connection technology and tools, has been using ultrasonic deburring technology from the German company UltraTEC…

10/31/2024
Global standards organization ASTM International has been selected to launch a center of excellence focused on supporting standardization of critical and emerging technologies (CETs).


10/30/2024
Wintriss Controls Group has added flexible and affordable purchase options for ShopFloorConnect® OEE, Production Tracking, and Data Collection software, which allows users to quickly and easily…