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Restructuring
9 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
The COVID-19 pandemic created a negative impact on global sales. The impact was felt as early as January 2020 in the Company’s operation in Suzhou, China and most significantly in March 2020 in North America and in the UK. The Company took austerity measures, reducing payroll and managing variable operational spending to help mitigate the shortfall. In addition, the Company is investing in a strategic realignment focused on a lower cost structure, long term, designed to maximize our global factory utilization. In June 2020, the Company recorded a $1.6 million restructuring charge of which $1.0 million remained in accrued expenses on the Consolidated Balance Sheets at fiscal 2020 year end. That accrued expense balance was zero as of March 31, 2021. Total restructuring cost of $4.3 million, with $1.2 million in the U.S. and $3.1 million internationally, is expected to drive annual savings of $10-14 million beginning in fiscal 2021 as planned implementation throughout the year, with full annual savings realized in fiscal 2022. These savings will be reflected in the Consolidated Statements of Operations in a reduction to cost of goods sold and selling, general and administrative expenses.

The Company adopted this plan in order to consolidate certain saw manufacturing operations for greater efficiency. This restructuring is strategic to improving manufacturing utilization globally and will be completed in fiscal 2021. Since the project was announced in the quarter ended June 2020, $3.0 million has been charged as restructuring expense including $1.5 million that was incurred in the nine months ended March 31, 2021. The Company expects to charge an additional $1.3 million in the remaining three months of fiscal 2021. The Company has recorded a gain on the sale of property, plant and equipment internationally of $0.2 million, related to restructuring. The Company does not expect a material amount of disposal costs.