Acquisitions

On February 28, 2017, the Company acquired the target materials business of the Heraeus Group (HTB), of Hanau, Germany, for $16.5 million. This business manufactures precious and non-precious metal target materials for the architectural and automotive glass, electronic display, photovoltaic, and semiconductor markets at facilities in Germany, Taiwan, and the United States. This business operates within the Advanced Materials segment, and the results of operations are included as of the date of acquisition.

The Company will make adjustments to the purchase price allocation prior to completion of the measurement period, as necessary. Only items identified as of the acquisition date will be considered for subsequent adjustment. The purchase price allocation for the acquisition is as follows:



(Thousands)	Amount
Assets:
Inventories	$	7,221
Prepaid and other current assets	2,270
Long-term deferred income taxes	14
Property, plant, and equipment	6,501
Intangible assets	3,649
Goodwill	3,574
Total assets acquired	$	23,229

Liabilities:
Other liabilities and accrued items	$	984
Other long-term liabilities	449
Retirement and post-employment benefits	5,292
Total liabilities assumed	$	6,725

Total purchase price	$	16,504

As part of the acquisition, the Company recorded approximately $3.6 million of goodwill. Goodwill was calculated as the excess of the purchase price over the estimated fair values of the tangible net assets and intangible assets acquired. Also, the Company acquired approximately $3.6 million of other intangible assets, which will be amortized using the straight-line method over an average life of about 10 years. The following table reports the intangible assets by asset category and useful life:



(Thousands)	Value at Acquisition		Useful Life
Customer relationships	$	2,274	15 years
Technology	1,375		3 years
Total	$	3,649