Carlos Cardoso, CEO of Kennametal Inc., recently said at the company's annual meeting that the company is optimistic about the industrial tooling market in the first half of 2010 and believes that the market conditions "may be moderate. Improvements, especially in countries that have adopted strong economic stimulus plans.
He believes that the company should "achieve higher profit targets when the industry improves."
Although Kenner believes that the recession has bottomed out, Cardoso said, "The huge scale of the recession makes us very cautious in predicting the speed and intensity of the economic recovery." At present, industrial orders have increased slightly. Cardoso expects that the auto industry will experience a certain degree of recovery.
Cardoso said that like many other companies, Kenner suffered losses in the global economic downturn and financial market collapse. In fiscal year 2009, which ended on June 30, Kenner’s sales revenue was close to $2 billion, with a loss of $119.7 million (an average of $1.64 per share). In contrast, in fiscal 2008, Kenner's sales revenue reached $2.6 billion, with a profit of $167.7 million (an average of $2.15 per share).
Cardoso said that Kenner has benefited from the economic stimulus plan of the government (especially other governments). In China, the government’s stimulus package has been introduced for less than a month, which has led to an increase in tool spending in the country. In the United States, an estimated $100 million in investments to improve highways and other infrastructure is beneficial to Kenner's business.
Cardoso said it would also help the company to reduce the annual fixed cost by $125 million. The company also used some temporary measures to save costs, such as a week of temporary vacations and unpaid leave for the company's 12,000 employees earlier this year.
company profile:
Founded in 1938, Kennametal Metals has been a world leader in modern manufacturing. As a 60-year-old manufacturer of world-renowned carbide tools, Kennametal has been a leader in powder metallurgy and tooling manufacturing. It is a multinational company integrating research, manufacturing and marketing. Kennametal, listed on the exchange (NYS), is one of the world's largest professional tool suppliers. Kennametal has more than 60 subsidiaries, subsidiaries, affiliates and joint ventures in more than 30 countries around the world.
Kenner Metals officially entered the Chinese market in 1991. In September 1994, it established a wholly-owned Kenyon Matt China (China) Co., Ltd. in Beijing. With a total investment of US$29 million, Kennametal (Shanghai) Co., Ltd., located in the Jinqiao Export Processing Zone in Pudong, Shanghai, is a manufacturer specializing in the production of carbide cutting tools, which produce metal cutting tools and Kennametal in the world. The quality of the products at the production base is identical. In October 2001, Kenner Headquarters decided to transfer the production of the world famous brand "Kemmer" of circuit board bits to Kennametal (Shanghai) Co., Ltd.
As the world's best metal cutting service provider, Kennametal also has the perfect tooling solution in the tool and die industry, and actively serves the booming tool and die manufacturing industry in China, and Cimatron is the best CAD in China and the world. One of the /CAM service providers, we have a common desire and goal: to enhance the competitiveness of our customers through the advanced technology and services provided by our products. We hope to provide our customers with integrated and higher quality services through our unselfish communication and collaboration with our partners in the fields of technology and market, enabling our customers to have more competitive manufacturing solutions. We hope that through our efforts, when our customers face fierce market competition, we can always negotiate, because you believe that we are providing you with firm support and protection!
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