January 13, 2009
Latrobe, Pa.-based Kennametal, which said that demand for its tools and advanced materials have been hurt by customers' actions to keep inventories low, has announced that it is cutting more than 1,000 jobs.
The company earlier had planned to eliminate 400 jobs and decided to cut an additional 800—putting total cuts at 1,200.
"We are implementing and accelerating restructuring in response to the current market challenges," said Chairman Carlos Cardoso. "While we will work to minimize the impact of these actions on our customers and employees, we will continue to monitor the economic environment and take further steps as warranted."
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