Roundup: Huntington Bancshares to Cut 200 Jobs; Kennametal Posts Drop in 1Q Profit; More

By Wires, and | Tribune-Review/Pittsburgh Tribune-Review, August 1, 2014 | Go to article overview

Roundup: Huntington Bancshares to Cut 200 Jobs; Kennametal Posts Drop in 1Q Profit; More


Wires, and, Tribune-Review/Pittsburgh Tribune-Review


Huntington Bancshares to cut jobs in 6 states

Huntington Bancshares is laying off about 200 employees across six states as part of a restructuring. The Columbus, Ohio-based bank did not say how many people would be affected in Pittsburgh, where it has its regional headquarters. Huntington has 510 employees in Pittsburgh and more than 12,000 overall, spokeswoman Maureen Brown said on Thursday. The layoffs target "a few internal functions to improve the long-term efficiency of the bank," Brown said. The affected employees will be given transition pay and outplacement services, she said. The cuts are expected to save $30 to $35 million annually and be finished by the end of August, the bank said in a regulatory filing. Two weeks ago, the bank reported second-quarter profit increased by 9 percent, to $165 million, from a year ago.

Kennametal posts profit drop

Kennametal Inc. reported lower net income for the final quarter of its fiscal year, blaming restructuring charges related to its $607 million acquisition of a tungsten materials business in November from Allegheny Technologies Inc. The Unity-based manufacturer of tooling equipment for manufacturing and mining companies said net income was $45.5 million, or 57 cents a share, down $60.8 million, or 76 cents a share, from a year ago. Sales increased 15 percent to $772.2 million from $671.4 million last year, including the tungsten business that Kennametal is restructuring. The tungsten unit contributed $72 million in sales, but acquisition and restructuring charges totaled $14 million before taxes. A part of the unit was sold for $10 million, at a loss of $1 million. CEO Carlos Cardoso said the company will move to reduce costs but gave no details.

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Roundup: Huntington Bancshares to Cut 200 Jobs; Kennametal Posts Drop in 1Q Profit; More
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