Kinemetric Acquisition of Assets
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
Report (Date of earliest event reported): July
17,
2007
THE
L.S.
STARRETT COMPANY
(Exact
name of registrant as specified in its charter)
|
Massachusetts
|
1-367
|
04-1866480
|
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
|
121
CRESCENT STREET, ATHOL, MASSACHUSETTS
|
01331
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number: 978-249-3551
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
□ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)
□ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)
Item
2.01 Completion of Acquisition or Disposition of Assets
On
July
17, 2007 a wholly owned subsidiary of the Company, entered into an asset
purchase agreement with Kinemetric Engineering, LLC. (Kinemetric Engineering),
pursuant to which the Company purchased all of the assets of Kinemetric
Engineering for $2.3 million in cash. The asset purchase was financed through
existing cash and a draw on the Company’s existing line of credit. In connection
with the asset purchase agreement, $.3 million of the purchase price was placed
into escrow to support the indemnification obligations of Kinemetric Engineering
and its shareholders. Kinemetric Engineering specializes in precision
video-based metrology, specialty motion devices, and custom engineered systems
for measurement and inspection. A long time technical partner of the Company,
Kinemetric Engineering brings a wealth of experience, engineering and
manufacturing capability. This business unit will also oversee the sales and
support of the Company’s high quality line of Starrett Optical Projectors,
combining to make a very comprehensive product offering. The Company is in
the
process of completing the purchase price allocation based on the fair value
of
the tangible and intangible assets and liabilities acquired.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
THE
L.S.
STARRETT COMPANY
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Date:
July 20, 2007
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By:
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/s/
Randall J. Hylek
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| |
Name:
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Randall
J. Hylek
|
| |
Title:
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Treasurer
and Chief
Financial Officer
|