Subsequent Event

9 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On April 29, 2020, the Company approved restructuring actions to exit the Amega West business and to close two domestic powder metals production facilities. These strategic actions were taken to drive long-term, profitable growth in light of both the current weakness in the oil and gas sub-market and the economic uncertainties resulting from the COVID-19 pandemic. As a result of these actions, the Company expects to record restructuring charges between $80 million and $100 million before taxes, in the fourth quarter of fiscal year 2020. These restructuring charges include asset impairments, lease termination costs and employee separation costs impacting approximately 220 employees.