Deconsolidation and Divestiture

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Mergers, Acquisitions and Dispositions Disclosures

Divestitures

2023 Divestiture

In the second quarter of 2023, the Company signed a share purchase and assignment agreement to sell its European technical rubber products business. In the third quarter of 2023, the Company closed the transaction and received cash proceeds in the amount of $15,009. Upon finalization of the sale, during the three months ended September 30, 2023, the Company recorded a loss of $443 in its condensed consolidated statements of operations. The loss included the write off of goodwill with a carrying amount of $1,300.

2023 Joint Venture Divestiture

In the third quarter of 2023, the Company completed the sale of its entire controlling equity interest of a joint venture in the Asia Pacific region. As a result, during the three months ended September 30, 2023, the Company recorded a gain of $109 in its condensed consolidated statements of operations.