LS Starrett Company Sold to a Private Firm

[darkzero]

Hope this not the end or downhill (steeper) slope for Starrett!

The L.S. Starrett Company Enters Into a Merger Agreement With MiddleGround Capital to Become Private Company

The L.S. Starrett Company (“Starrett” or the “Company”) (NYSE: SCX) today announced that it has entered into a definitive merger agreement in a go-pri

www.businesswire.com

MiddleGround Capital – Middle Market Private Equity Firm

middleground.com

 

[NCjeeper]

Hmm.

 

[MyLilMule]

Yeah, it's not necessarily a good thing. The stockholders are going to make a killing, but it's anyone's guess what the private equity firm is going to do. They made $28M last year (EBITDA), so they are a bit of a cash cow.

 

[mmcmdl]

Oh , great ! In a few years the Private Equity Firm will sell them off , most likely to Danaher for a huge profit and to be moved offshore . And we all know what happens to the quality after that .

EDIT Disclaimer . I have nothing against Danaher and their affiliates . I retired from Danaher . I own their stock . They know how to make profits . Not happy with what they did with all the quality tool companies over the years , but who am I ?

 

[mmcmdl]

And just as bad ! Heard this yesterday . 5 miles away from my property , and this will kill the entire town of Illion .

What Happens to a Gun Town When the Gun Factory Moves Out?

Remington is leaving Ilion, N.Y., after two centuries, abandoning upstate for a gleaming new factory in Georgia. With it goes the village’s identity.

www.nytimes.com

 

[darkzero]

 

[benmychree]

Most of my precision tools came from LSS, some from B&S, a few dial calipers from MIT; I'd have been a bigger supporter of B&S, but they had little presence in this area, ST had a stocking dealer in my area and the SF Bay area, whom supplied my needs; I lust for no more tools at age 79, it would seem that what with EB keeping all too many tools in circulation that it would be tough for any such company to remain afloat for long, especially with so much Chinese crap on the market; I do not dislike the Chinese people, only the crap that they flood the world market with.

 

[benmychree]

Definitely the start of a downward spiral.

 

[mmcmdl]

ON the bright side .................................once their quality goes south , our old time Starrett tools will be worth the BIG BUCKS ! Us older folks can sell them and retire !!! Oh , wait a minute .............................................. Just sprinkle some barn dust on the tools now and retire .

 

[darkzero]

ON the bright side .................................once their quality goes south , our old time Starrett tools will be worth the BIG BUCKS ! Us older folks can sell them and retire !!! Oh , wait a minute ..............................................

And no barn dust needed!