Acquisitions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions

Acquisitions

In the first quarter of 2012, the Company acquired all of the outstanding stock of Aerospace Metal Composites Limited (AMC) of Farnborough, England for $3.3 million, net of $1.5 million of cash acquired. This acquisition was financed with a combination of cash on hand and borrowings under the existing revolving credit agreement. AMC manufactures ultrafine particulate reinforced metal matrix composites, primarily aluminum materials, that are used in performance automotive, aerospace, defense, and precision high-speed machinery applications. Goodwill was valued at $1.9 million.

The result of the above acquired business was included in the Company’s consolidated financial statements since the acquisition date. The AMC acquisition is included in the Performance Alloys and Composites segment. Refer to Note E for additional information on the intangible assets associated with this acquisition.