KENNAMETAL INC (KMT): restructuring charge — Kennametal starts cost restructuring; expects $20M annual savings, $20M charge

KENNAMETAL INC

Initiates action to streamline cost structure; expects ~$20M annualized pre-tax savings by end of FY2024.
Pre-tax charge of ~$20M, primarily severance-related cash expenditures.
No change to full year Fiscal 2023 outlook provided on May 1, 2023.

item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

KENNAMETAL INC announced a restructuring with charges of approximately $20 million.

Type: restructuring
Charge: approximately $20 million

Exact text from the filing

The Company expects to incur a pre-tax charge of approximately $20 million in connection with the execution of this initiative, which is anticipated to be primarily severance-related cash expenditures.

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Source: SEC EDGAR

accession 0000055242-23-000028

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