Carpenter cuts costs

Carpenter Technology Corp. is to eliminate about 500 positions, representing 10% of its global workforce, through job eliminations, furloughs and early retirement incentives. The workforce reductions include 265 salaried employees or 16% of salaried positions company-wide. The company also said its Board of Directors intends to reduce the quarterly dividend payable on common stock to USD 0.0825 cents per share. Carpenter had been paying a quarterly dividend of USD 0.33 per share. Workforce reductions, combined with other cost savings initiatives, will result in annual savings of approximately USD 40–45 million. The company expects to dedicate its free cash flow to debt reduction.

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