July 11, 2019, 6:59 a.m. EDT

Kennametal to close facilities in Germany, Pennsylvania as part of restructuring

Kennametal Inc. (NYS:KMT) announced Thursday a restructuring that will include closing facilities in Germany and Pennsylvania over the next two years. The company said expects to record pre-tax charges of $60 million to $75 million through fiscal 2020 and 2021 for the restructuring. As part of the restructuring, the materials science and wear-resistant solutions company will close its manufacturing facilities in Essen and Lichtenau and its distribution center in Neunkirchen, all in Germany, and a manufacturing facility in Irwin, Penn. The number of jobs that will be affected was not disclosed. "We recognize the effect on our employees and will work closely with their representatives to support them throughout this transition," said Chief Executive Christopher Rossi. The stock, which was still inactive in premarket trading, has lost 15.9% over the past three months while the Dow Jones Industrial Average (DOW:DJIA) has gained 3.6%.

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