logo
Plus   Neg
Share
Email

Carpenter Technology Corp. To Cut Approx. 20% Of Its Salaried Positions

Carpenter Technology Corp. (CRS) announced restructuring, which includes reducing approximately 20% of the company's total global salaried positions. This is expected to generate approximately $30 million to $35 million of annual cost savings. The company expects to record a pre-tax charge of approximately $10 million in the fourth quarter of fiscal 2020.

In addition to the restructuring, the company has taken other actions which are expected to generate $60 million to $70 million of annual cost savings. This includes: a global hiring freeze and deferring annual merit increases; and temporary furloughs for certain production, maintenance and salaried employees. The company is also reviewing and prioritizing capital investments to target existing and future growth markets.

Carpenter Technology Corp. has decided to withdraw its previously provided segment operating income outlook for the current quarter. The company expects to generate a meaningful amount of cash flow in the fourth quarter of fiscal 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The United Kingdom's Competition and Markets Authority (CMA) has launched an investigation into technology giant Apple Inc. (AAPL) following complaints that its terms and conditions for app developers are unfair and anti-competitive. iPhone maker Apple also operates the App Store, which is the only... Supermarket chain Kroger Co. on Thursday reported that it posted a loss for the fourth quarter compared to a profit last year, hurt by pension plan withdrawal liabilities. Adjusted earnings per share topped analysts' estimates, while quarterly revenues missed it. However, the company initiated adjusted earning guidance for the full-year 2021, well above analysts' estimates. Retail sales are projected to grow at a potentially record rate during 2021, but the ongoing COVID-19 pandemic remains the biggest challenge for the year, according to the National Retail Federation. "There is no doubt the economy is positioned for growth in 2021, but how much growth comes down to a single non-economic force - the coronavirus," NRF Chief Economist Jack Kleinhenz said.
RELATED NEWS
Follow RTT