Brief: L S Starrett Says Initiated Re-Engineering Of Cost Structure

L S Starrett Co

22/09/2020 13:34

Sept 22 (Reuters) - L S Starrett Co  SCX.N :
    * 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

Source: https://bit.ly/35TYEk1
Further company coverage:  SCX.N 

 ((Reuters.Briefs@thomsonreuters.com;))