Latrobe, Pennsylvania-based Kennametal, supplier of metalworking tooling, has announced layoffs at its Carbidie plant located in Hempfield, Pennsylvania commencing in October and continuing through the end of March 2020, when the plant will close. Sixty employees will be laid off. The plant manufactures carbide tooling inserts, dies, jigs, and other parts which improve the durability and precision of tools used in metalworking and other industries. Operations at the plant are scheduled to be transferred to a recently modernized facility located in Rogers, Arkansas.
Kennametal President and CEO, Markos Tambakeras, issued market guidance noting…
"We are pleased that our proactive and disciplined management of the business has enabled us to perform significantly better than the market. In addition to the cost-saving measures already undertaken in the current fiscal year, the company will further reduce its salaried worldwide work force by 200-250 positions or 6-8 percent of its salaried positions. This is in addition to gradual headcount reductions over the past several months through both layoffs and attrition that totaled 500 positions. Declines in North American manufacturing demand have been more severe and pervasive than had been forecast. Our salaried work force currently is configured to support higher demand than we are realizing. Consequently, we are activating further contingencies to mitigate current market conditions and position ourselves to outperform when the markets improve."
“Most of the staff reductions will occur in the business areas that have experienced the greatest decline, but will not be concentrated at any single location. They will be focused primarily in North America where market conditions have had the greatest negative impact on sales, with approximately 250 positions being eliminated in Pennsylvania. Kennametal will provide certain financial benefits and outplacement services to everyone affected by the terminations. These services include assistance in preparing resumes, developing interview skills and finding other employment.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?