Note 5 - Restructuring

12 Months Ended

Oct. 01, 2022

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(5) Restructuring

On March 16, 2020, we purchased substantially all of the assets of STM for an adjusted purchase price of $19.4 million, reflecting certain post-closing adjustments (the “STM Acquisition”). STM was a leading manufacturer of PC strand for concrete construction applications. We acquired, among other assets, STM’s accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities.

In connection with the STM acquisition, we elected to consolidate our PC strand operations through the closure of the Summerville facility and the redeployment of its equipment to our other three PC strand production facilities located in Gallatin, Tennessee; Houston, Texas; and Sanderson, Florida. Operations at the Summerville facility ceased during the third quarter of 2020, and the facility was sold in 2022. The consolidation of our PC strand operations was completed in 2022. Following is a summary of the restructuring activity during 2022, 2021 and 2020:

		Employee				Equipment				Facility								Loss (Gain)
(In thousands)		Separation				Relocation				Closure				Asset				on Sale of
		Costs				Costs				Costs				Impairments				Equipment				Total
*2022*
Liability as of October 2, 2021		$	-			$	-			$	10			$	-			$	-			$	10
Restructuring charges (recoveries), net			-				-				304				-				(622	)			(318	)
Cash payments			-				-				(314	)			-				-				(314	)
Non-cash charges			-				-								-				622				622
Liability as of October 1, 2022		$	-			$	-			$	-			$	-			$	-			$	-

*2021*
Liability as of October 3, 2020		$	-			$	20			$	151			$	-			$	-			$	171
Restructuring charges, net			13				423				1,017				1,415				-				2,868
Cash payments			(13	)			(443	)			(1,158	)			-				-				(1,614	)
Non-cash charges			-				-								(1,415	)			-				(1,415	)
Liability as of October 2, 2021		$	-			$	-			$	10			$	-			$	-			$	10

*2020*
Restructuring charges, net		$	182			$	482			$	806			$	343			$	(118	)		$	1,695
Cash payments			(182	)			(462	)			(655	)			-				-				(1,299	)
Non-cash charges			-				-				-				(343	)			118				(225	)
Liability as of October 3, 2020		$	-			$	20			$	151			$	-			$	-			$	171