The L.S. Starrett Company (SCX) Stock News, Sep 22, 2020

The L.S. Starrett Company (NYSE: SCX) announced significant strategic measures in response to the COVID-19 pandemic, focusing on financial stability and employee safety. The company implemented a 14% workforce reduction, facility cost reductions, and a $5 million decrease in capital expenditures for FY 2021. An $8.1 million charge was recorded in FY 2020, including a $6.5 million non-cash impairment. Starrett expects additional charges of $2.4 million in FY 2021 but anticipates a payback period of less than one year. The company remains committed to reinvesting in growth as revenues recover post-pandemic.