LATROBE, Pa. (AP) -- Latrobe-based industrial toolmaker Kennametal Inc. plans to cut its work force by 3 percent within 18 months. The cuts are part of a restructuring plan that could eventually save the company $25 million a year.
CEO Carlos Cardoso says the company's long-term goal is to reduce its manufacturing facilities by half.
Kennametal has 34 plants in the United States and 27 foreign countries, plus a network of warehouses and service centers.
Cardoso says the restructuring will cost the company up to $50 million in the next 12 to 18 months but says the cost savings will kick in once the cuts are fully implemented.
The company expects most of the larger closings to begin late this year or early next year.
