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Tool L S Starrett has been SOLD !

Tool
IMO the quality of new Starrett products has been gone for years. Depends on the item, but anything new I've touched in the last couple years doesn't give me the same satisfaction of holding one of their older tools. Accuracy and manufacturing quality aside, the old "feel" is gone. Not really that measurable and hard to quantify. I'm sure the astronomical prices are more related to them being a USA made supplier to the US gov't, who doesn't care about price, or anything other than country of origin/assembly. The average consumer gets left behind and is no longer the target audience.
 
Dan Dubeau said:
IMO the quality of new Starrett products has been gone for years. Depends on the item, but anything new I've touched in the last couple years doesn't give me the same satisfaction of holding one of their older tools. Accuracy and manufacturing quality aside, the old "feel" is gone. Not really that measurable and hard to quantify. I'm sure the astronomical prices are more related to them being a USA made supplier to the US gov't, who doesn't care about price, or anything other than country of origin/assembly. The average consumer gets left behind and is no longer the target audience.
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In my not so humble opinion, tools that are comfortable to hold are far more accurate than ones with a sharp edge digging into the corner of your thumb.... Has nothing to do with the accuracy of the scales, it's in the ability to hold the instrument comfortably.....:rolleyes:
 
I was curious so I looked up Starrett's financial statements. Despite being a publicly traded company, I believe the Starrett family still had effective control. The President and CEO, Douglas Starrett is in his early 70s and I'm guessing he wants to cash out after 47 years. The company brought in 2 senior executives and the three of them are entitled to very significant payouts on a change in control. IOW, they've been planning to spruce up the balance sheet and sell the business.

Note that an investigation has been announced "regarding possible breaches of fiduciary duties and other violations of law related to Starrett's agreement to be acquired...".

stockhouse.com

2024-03-12 | SHAREHOLDER ALERT: Rigrodsky Law, P.A. Is Investigating The L.S. Starrett Company Buyout | Press Release

(2024-03-12) SHAREHOLDER ALERT: Rigrodsky Law, P.A. Is Investigating The L.S. Starrett Company Buyout
stockhouse.com stockhouse.com

I don't know if there is anything to these allegations or if this is just a knee-jerk thing in the USA.

As an aside, their financial statements are fascinating reading. Company appears to have a major issue with pensions and post-retirement plans. Heavily affected by foreign exchange rates but it's not clear to me if this is the UK, Brazil, or the far East. Or a combination. Etc, etc. The President's Message comes right out and complains "Biden is rolling out the largest regulatory onslaught since Obama...". ;)

Craig
 
gerritv said:
He can blame whomever he wants, but this paints a different picture: https://www.starrett.com/docs/defau...8-k-notice-of-delisting.pdf?sfvrsn=67203106_1
Only $50m of shareholder equity and being delisted is not a sign of a healthy company.

Sales pale in comparison to Mitutoyo.
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They were apparently hit hard in the first year of the pandemic and their share price dropped below $3. Within a year though, the price had recovered back up to the $7 to 10 range. I don't think they ever lost their listing. But they are certainly not a big company by NYSE standards.

Craig
 
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