Steel Partners Holdings Provides COVID-19 Update
The Company has continued to aggressively manage the business to mitigate the effects of the COVID-19 pandemic on both the operations and financial results. At this time, all of the Company’s significant operations continue to maintain critical infrastructure designations. Additional health and safety precautions are being taken to protect employees, including increased sanitation measures, distancing, and health monitoring. The Company has also created a
Given the unpredictability of the current global economy, the Company has continued to take action to reduce fixed costs and conserve cash. The Company implemented salary reductions of up to 30% for salaried employees, furloughs, force reductions, bonus payment deferrals, and 401(k) match suspension. The Company is also freezing all discretionary spend and aggressively managing working capital. These actions are in addition to the previously announced hiring and salary freezes, board fee deferral, and management fee deferral that were implemented in
“In the face of uncertainty, we are exercising the utmost prudence and caution to ensure the long-term success of the Company,” said Executive Chairman
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Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect SPLP's current expectations and projections about its future results, performance, prospects, and opportunities. SPLP has tried to identify these forward-looking statements by using words such as "may," "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate," and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to risks, uncertainties, and other factors that could cause its actual results, performance, prospects or opportunities in 2020 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These factors include, without limitation, the impact of COVID-19 on business activity generally and on the Company's operations including whether facilities considered to be essential retain that designation, our need for additional financing and the terms and conditions of any financing that is consummated, customers' acceptance of our new and existing products, our ability to deploy our capital in a manner that maximizes unitholder value, the ability to identify suitable acquisition candidates or investment opportunities for our core businesses, the inability to realize the benefits of net operating losses of our affiliates and subsidiaries, the ability to consolidate and manage our newly acquired businesses, fluctuations in demand for our products and services, general economic conditions, public health crises (such as the ongoing coronavirus outbreak), the possible volatility our common or preferred unit price, the potential fluctuation in our operating results and other risks detailed from time to time in filings we make with the
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Investors
jgolembeske@steelpartners.com
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