L.S. Starrett Co. - Ordinary Shares - Class A

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Debt Financing / Related, Layoffs, Other Pre-Announcement

L S Starrett Says Initiated Re-Engineering Of Cost Structure

Published: 09/22/2020 12:38 GMT
L.S. Starrett Co. - Ordinary Shares - Class A (SCX) - L S Starrett Co - Initiated a Re-engineering of Cost Structure.
L S Starrett Co - Actions Include Facility Cost Reductions and Manufacturing Footprint Rationalization.
L S Starrett Co - Global Headcount Reduction of 14%.
L S Starrett Co - Lowering Capital Expenditures by Approximately $5.0 Million in Fiscal Year 2021 to Preserve Cash.
L S Starrett Co - Amended Its Credit Facility to Provide Additional Flexibility and Relaxation of Restrictive Covenants.
L S Starrett Co - Recorded a Charge of $8.1 Million Within Sales, General and Administrative Expense in 2020.
L S Starrett Co - Anticipates an Additional $2.4 Million Charge in Fiscal 2021 Related to the Completion of Its Restructuring Plan.
L S Starrett Co - Consolidation of Worldwide Saw Manufacturing in Brazil.