8-K
filed August 3, 2023, 7:59 PM ET
CIK 0000089140
M&A
confidence high
sentiment negative
materiality 0.70
SERVOTRONICS INC /DE/: restructuring charge — Servotronics sells Ontario Knife Co. assets for $2.1M; records $4.3M impairments
SERVOTRONICS INC /DE/
- Completed sale of Ontario Knife Co. assets to Blue Ridge Knives for $2.1M cash on August 1, 2023.
- Incurring approx. $1.129M in exit/disposal costs including vendor terminations and retention payments.
- Recognizing $3.2M impairment on assets sold; $1.1M impairment on OKC building not included in sale.
- Substantially all OKC employees terminated; small group retained for wind-down.
Key facts
Extracted from this filing and checked against the source text.
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
SERVOTRONICS INC /DE/ completed a disposition involving Blue Ridge Knives, Inc. for $2,100,000 (closed 2023-08-01).
- Action
- disposition
- Counterparty
- Blue Ridge Knives, Inc.
- Consideration
- $2,100,000
- Closing
- 2023-08-01
Exact text from the filing
assumed liabilities in connection with the Purchased Assets (the “Asset Sale Transaction”). The purchase price for the Asset Sale Transaction consisted of a payment to OKC of $2,100,000, subject to certain adjustments, in cash. The foregoing description of the Asset Purchase Agreement does not purport to be a complete description of the rights and obligations of
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
SERVOTRONICS INC /DE/ announced a restructuring with charges of approximately $1,129,000 affecting OKC.
- Type
- restructuring
- Charge
- approximately $1,129,000
- Affected area
- OKC
Exact text from the filing
The Company expects to incur costs of approximately $1,129,000, including costs related to the termination of vendor relationships, retention payments to certain employees and other costs in connection with the cessation of OKC’s business activities.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
SERVOTRONICS INC /DE/ announced a restructuring affecting OKC (the employment of substantially all of OKC’s employees has terminated).
- Type
- restructuring
- Affected area
- OKC
- Headcount
- the employment of substantially all of OKC’s employees has terminated
Exact text from the filing
In connection with the Asset Sale Transaction, the employment of substantially all of OKC’s employees has terminated, although a small number of employees are expected to continue for a period of time after the closing in order to assist the Company with the process of winding up the remaining business activities of OKC.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
SERVOTRONICS INC /DE/ announced a impairment with charges of approximately $3,200,000 affecting Purchased Assets.
- Type
- impairment
- Charge
- approximately $3,200,000
- Affected area
- Purchased Assets
Exact text from the filing
the Company will recognize an impairment charge of approximately $3,200,000 in the second fiscal quarter of 2023.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
SERVOTRONICS INC /DE/ announced a impairment with charges of approximately $1,100,000 affecting OKC Building (Franklinville, NY).
- Type
- impairment
- Charge
- approximately $1,100,000
- Affected area
- OKC Building (Franklinville, NY)
Exact text from the filing
The Company currently estimates that the non-cash impairment charge for the OKC Building will be approximately $1,100,000.
View on SEC.gov
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