Kennametal outlines cost-control actions to mitigate covid-19 headwinds

Kennametal accelerates structural changes from simplification/modernization; outlines cost-control actions to mitigate covid-19 headwinds.kennametal - continuing temporary cost-control actions of about $10 million to $15 million /quarter starting july 1 to mitigate market effects of covid-19.kennametal - increasing estimated annualized benefits of fy21 restructuring actions to $65 million to $75 million.kennametal - increasing estimated pre-tax charges from its fy21 restructuring to $90 million to $100 million.kennametal inc - compensation of salaried employees to temporarily be reduced by 10% to 20%based on job level through h1 2021.kennametal inc - board's cash compensation will be reduced by 20% through h1 2021.kennametal inc - will continue temporary shutdowns and reduced production schedules.kennametal - restructuring of about 10% of salaried employees globally is expected to be substantially complete in h1 2021.
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