Acquisitions And Divestitures

6 Months Ended

Apr. 26, 2013

Acquisitions And Divestitures [Abstract]

Acquisitions And Divestitures

NOTE 2 – ACQUISITIONS AND DIVESTITURES

In June 2013, subsequent to the end of our second quarter, we signed a definitive agreement to acquire all the outstanding shares of Inver Holding S.r.l. (Inver Group), an Italian-based industrial coatings company serving customers in Italy, France, the UK, Germany and other countries. The acquisition strengthens our presence in the large European industrial coatings market and broadens our range of technologies for the general industrial product line. We expect the acquisition to close in our fourth quarter. Inver Group had net sales of approximately $200,000 in 2012.

On December 28, 2012, we purchased Ace Hardware Corporation's paint manufacturing business, including two manufacturing facilities near Chicago, IL, for approximately $34,811 in cash. We will manufacture and supply paint to Ace Hardware Corporation for sale at Ace retail locations. The acquisition was recorded in our Paints segment in the first quarter of fiscal year 2013 at preliminary fair values and a preliminary allocation of the purchase price has been completed. The assets and operating results have been included in our financial statements from the date of acquisition.

Pro forma results of operations for the acquisition noted above are not presented, as they were immaterial to the reported results.