Additionally, shares of specialty cutting tool insert maker Kennametal, Inc. (KMT, Financial) jumped following the announcement that the company would be accelerating its structural cost reduction plans to mitigate headwinds from COVID- 19. KMT continues to adjust production levels and is focused on managing costs while executing on its simplification/modernization and restructuring initiatives. We believe the scale, scope, quality, low- cost production and the value proposition of the cutting tools themselves also mitigate pricing pressure. Additionally, KMT continues to execute on its strategic plan to improve economies of scale and generate margin improvement, while gaining share in the marketplace.
From John Rogers (Trades, Portfolio)' Ariel Fund second-quarter 2020 commentary.
