2. Acquisitions and Disposals

On July 15, 2016, the Company purchased 100% of the assets of Ergomatic Products LLC ("Ergomatic"), a designer and manufacturer of ergonomic lift assists, articulating arms, torque tubes, and pneumatic control systems for material handling and tool suspension applications. In connection with the acquisition of Ergomatic, the Company withheld $588,000 to be paid to the seller upon satisfaction of certain conditions. The amounts withheld were classified as restricted cash at that time. Of this amount, $294,000 was paid to the seller in July 2017 and the remaining $294,000 was paid in July 2018.

As part of our business strategy, Blueprint 2021, in the first quarter of fiscal 2019 the Company started the process to sell its Tire Shredder business, its crane builder business, Crane Equipment and Service Inc., and Stahlhammer Bommern GmbH, its European forging business acquired in 2014 (the "Held for Sale Businesses") as they are no longer considered part of the core business or a strategic fit with the Company's long-term growth and operational objectives. During the current quarter ended September 30, 2018, the Company continued to actively pursue the sale of the Held for Sale Businesses and expects the sale of each business to occur in fiscal 2019. As such, the three businesses met the criteria as being held for sale as of September 30, 2018 in accordance with Accounting Standards Codification (“ASC”) 360-10-45-9, "Property, Plant, and Equipment." The businesses are not deemed significant to be considered discontinued operations.

When businesses or assets groups meet the criteria as held for sale, they are recorded at the lesser of their carrying value or fair value less cost to sell. As a result, the Company recorded an impairment loss in the amount of $11,100,000 presented as Held for sale impairment on the Condensed Consolidated Statements of Operations and Retained Earnings during the six months ended September 30, 2018 to reduce the carrying value of these asset groups to their fair values less estimated costs to sell. The loss was recorded in the first quarter of fiscal 2019 with no additional loss recorded during the second quarter. The amount of the loss was determined based on the fair value calculation described in Note 4. The Company will continue to update the analysis each reporting period as additional information becomes available. Additionally, net sales and pre-tax income for the combined Held for Sale Businesses was $9,463,000 and $20,900,000 and $1,455,000 and $2,116,000 for the three and six months ended September 30, 2018 and $10,358,000 and $19,042,000 and $508,000 and $449,000 for the three and six months ended September 30, 2017, respectively.

The following table represents the carrying amounts of the businesses classified as held for sale before impairment (in thousands):



	September 30, 2018
ASSETS:	(unaudited)
Current assets:
Cash and cash equivalents	$	522
Trade accounts receivable	3,880
Inventories	11,875
Prepaid expenses and other	544
Total current assets	16,821
Property, plant, and equipment, net	14,925
Goodwill	7,392
Other intangibles, net	1,902
Deferred taxes on income	211
Total assets	$	41,251

LIABILITIES AND SHAREHOLDER'S EQUITY:
Current liabilities:
Trade accounts payable	$	1,541
Accrued liabilities	2,341
Total current liabilities	3,882
Other non current liabilities	1,843
Total liabilities	5,725
Total shareholder's equity	35,526
Total liabilities and shareholder's equity	$	41,251

Additionally as part of the business strategy, the Company announced on October 26, 2018 that it plans to consolidate its hoist manufacturing facility in Salem, Ohio into the Lisbon, Ohio and Wadesboro, NC facilities early in fiscal 2020. The Company is still gathering all necessary information to determine the accounting impact of the facility consolidation and expects to do so in the third quarter of fiscal 2019.