Kennametal (KMT) said Tuesday it plans to close a facility in Greenfield, Massachusetts, and consolidate two sites near Barcelona, Spain, into a single facility within its metal cutting segment.
The company expects the Greenfield plant closure to be substantially complete by Dec. 31, while the consolidation of the Barcelona facilities is likely to be complete by June 30, according to a filing with the US Securities and Exchange Commission.
Kennametal also said it will remove "certain professional headcount" globally to mitigate softer market conditions, especially in Europe, the Middle East, and Africa.
The company expects the actions to yield annualized run rate pretax savings of about $15 million by the end of fiscal 2025. Kennametal expects to incur about $25 million of pretax charges in connection with the actions, the filing showed.
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