This transaction is accretive to our consolidated operating margin profile by approximately 200 points.
In fiscal 2020, the Scientific segment reported $57 million in revenue and in excess of 20% operating margin.
During the quarter, we realized $4.2 million from productivity and expense actions, and expect $7 million in annual savings in fiscal 2021.
We generated free cash flow of $19.5 million in the fourth quarter of 2020 and repaid $13 million in debt.
The company ended the quarter with approximately $200 million in available liquidity and a net debt to adjusted EBITDA ratio under 1.
Also, Standex repatriated approximately $19 million in the quarter and $39 million in fiscal 2020 from foreign subsidiaries, ahead of our prior forecast of $35 million.
The Electronics segment revenue decreased approximately $5 million or 10% year-over-year as we experienced weakness in both North American and European markets, associated with the economic impact of COVID-19 pandemic.
Operating income decreased approximately $2.8 million or 32.3% year-over-year in the quarter.
In addition, the funnel of new business opportunities continues to be active, and is at a very healthy $40 million as we work with our customers on their new product designs.
Our Electronics business has dramatically transformed in recent years growing from a $40 million largely North American business into an integrated global player.
At the Engraving segment, revenue decreased approximately $6.5 million or 17% year-over-year, primarily due to delays in the receipt of tools from customers as we indicated in our fiscal third quarter conference call.
Engraving operating income declined $2.7 million or 51% year-over-year, reflecting volume declines associated with the economic impact of COVID-19 mitigated partially by productivity and expense savings in the quarter.
Laneway remained healthy with a 9% year-to-date increase to $43 million, driven by soft trim tools, laser engraving and tool finishing.
We have spent the last 2.5 years moving all Engraving sites with [Phonetic] common [Phonetic] ERP.
When we acquired Horizon Scientific in October 2016 and combined it with our own Scientific Refrigeration business, we had a business with $34 million of sales.
Sales grew to $57 million in fiscal year '20 even with the fourth quarter deceleration from the COVID-induced slowdown.
Scientific revenue decreased approximately $2.6 million or 17% year-over-year with operating income declining approximately $900,000 or 24.8% year-over-year.
Engineering Technologies revenue decreased $7.3 million or 21.7% year-over-year in the fiscal fourth quarter 2020, reflecting lower aviation-related sales offset partially by increased sales in the space end market.
Operating income margin increased from 13.6% in fiscal fourth quarter 2019 to 15.8% in the fourth quarter of 2020 despite the sales headwinds due to favorable product mix, cost actions and manufacturing efficiencies.
Specialty Solutions revenue decreased approximately $8 million or 25% year-over-year in the fourth quarter of fiscal '20.
Segment operating income decreased $2.3 million or 39% year-over-year, reflecting lower volume, partially mitigated by cost actions including headcount reductions and temporary plant slowdowns.
We expect fiscal first quarter '21 revenue and operating income to be similar to fiscal fourth quarter 2020.
We realized $4.2 million in savings in the fourth quarter and expect $7 million in annualized savings from these efforts in fiscal '21.
On a consolidated basis, total revenue declined 17.4% year-on-year.
Acquisitions had a nominal contribution of 0.1% to overall growth in the quarter, while FX was a headwind with a negative impact of 1.1%.
Gross margin decreased 200 basis points year-on-year to 33.7%, primarily reflecting the volume decline, partially offset by productivity and expense actions.
Our adjusted operating margin was 8.7%, compared to 12.6% a year ago.
In addition, the tax rate of 26.7%, represented a 210 basis point increase year-on-year due to the mix of US and non-US earnings.
Adjusted earnings were $0.65 in the fourth -- fiscal fourth quarter of 2020 compared to $1.10 in the fiscal fourth quarter of 2019.
We reported free cash flow of $19.5 million compared to $27.8 million in the fourth quarter of 2019.
This decrease reflects the lower level of net income year-on-year, partially offset by a reduction in capital expenditures from $15.6 million in fourth quarter of 2019 to $5.7 million in fourth quarter of 2020 as we focused our spending on maintenance, safety and the company's highest priority growth initiatives.
Standex had a net debt of $80.3 million at the end of the fourth quarter compared to $102.8 million at the end of the third quarter of 2020.
This decrease primarily reflects the repayment of approximately $13 million of debt in the quarter, along with an increase in our cash balance due to operating cash flow generation in the quarter.
The company's net debt to adjusted EBITDA leverage ratio was 0.8% with a net debt to total capital ratio of 14.8% and interest coverage ratio of approximately nine times.
We also had approximately $200 million of available liquidity at the end of the fourth quarter.
We repatriated $19 million of cash in the fourth quarter of 2020 and $39 million in fiscal 2020 compared to our prior $35 million expectation.
We plan to repatriate an additional $35 million in fiscal '21.
During the fourth quarter, we also repurchased approximately 30,000 shares for $1.4 million.
We have repurchased now approximately 172,000 shares since the end of fiscal 2019.
There is approximately $43 million remaining under the Board's current repurchase authorization.
In addition, in July, we declared our 224th consecutive dividend of $0.22 per share, a 10% year-on-year increase.
Subsequent to the end of the fourth quarter, we announced the acquisition of Renco Electronics for approximately $28 million, which we financed with cash on hand.
In fiscal 2021, we expect capital expenditures to be between $28 million to $30 million compared to $19 million in fiscal '20 as capital spending returns to more normalized levels with continued emphasis on safety, maintenance and growth investments.
In the appendix on Page 17, we have also presented all four quarters of fiscal '20 under the new reporting segment structure.
Capturing cost structure efficiencies will remain a priority, with $7 million in cost savings in fiscal 2021, expected from the actions we have already announced.

Summary:
We expect fiscal first quarter '21 revenue and operating income to be similar to fiscal fourth quarter 2020.
Adjusted earnings were $0.65 in the fourth -- fiscal fourth quarter of 2020 compared to $1.10 in the fiscal fourth quarter of 2019.