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KMT

Kennametal

$33.57 /

-0.39 (-1.15%)

06:49
07/11/19
07/11
06:49
07/11/19
06:49

Kennametal initiates restructuring actions

Kennametal announced several restructuring actions that would facilitate a simplified and leaner structure, while further positioning the company for long-term profitable growth. As part of its ongoing simplification/modernization initiative, the company is optimizing its operations globally, including footprint rationalization. The company's proposal is to close its manufacturing facilities in Essen and Lichtenau as well as its distribution center in Neunkirchen, all in Germany. Additionally, the company announced its decision to close its manufacturing facility in Irwin, PA. These restructuring actions advance the company toward the fiscal 2021 financial targets announced at its most recent Investor Day. They are also part of the previously announced goal of reducing plants through simplification/modernization, with additional plants currently under evaluation. The proposed restructurings are expected to be executed over the next two years. Facility closures in fiscal 2020 are part of the current restructuring action, which in total are expected to deliver estimated annualized savings of $35M-$40M and $55M-$65M in pre-tax charges. Fiscal 2021 closures would result in further structural cost reductions with estimated annualized savings of $25M-$30M. Most of these savings will be achieved in fiscal 2021 with full run rate savings being realized in fiscal 2022. The company is expected to incur pre-tax charges of $60M-$75M through fiscal 2020 and 2021 for this restructuring. These charges are primarily cash with the majority being spent in fiscal 2021. Under the proposed measures, the company would consolidate its Essen and Lichtenau operations, including both Kennametal and WIDIA branded products, into other lower-cost Kennametal Industrial facilities. The Irwin operations would be consolidated primarily into the newly modernized Infrastructure plant in Rogers, AR. Kennametal also proposed plans to outsource the distribution operations in its Neunkirchen and Essen facilities to a third-party logistics specialist. The closure plans are contingent on the negotiations with the relevant employee representatives. The company will continue to maintain a strong presence in Germany, including planned modernization investments in other Kennametal locations in the country.

KMT Kennametal
$33.57 /

-0.39 (-1.15%)

06/21/19 BMO Capital
Kennametal CFO 'oozed with confidence' about FY21 prospects, says BMO Capital
04/03/19 Barclays
Barclays upgrades Kennametal to Overweight, sees sales 'near trough'
04/03/19 Barclays
Kennametal upgraded to Overweight from Equal Weight at Barclays
10/02/18 Goldman Sachs
Kennametal initiated with a Buy at Goldman Sachs

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