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Acquisitions
 3 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
Acquisitions
ACQUISITIONS

During 2018 and 2017 the Company acquired four businesses for an aggregate consideration of $127.3 million, net of cash acquired. A summary of the acquisitions made during the period is as follows:
Date
 
Type
 
Company/Product Line
 
Location (Near)
 
Segment
 
 
 
 
 
 
 
 
 
January 26, 2018
 
Stock
 
Schröder
 
Breidenbach, Germany
 
FoodTech
 
 
 
 
 
 
 
 
 
Manufacturer of engineered processing and packaging solutions to the food industry.
 
 
 
 
 
 
 
 
 
July 31, 2017
 
Stock
 
PLF International Ltd.
 
Harwich (Sussex), England
 
FoodTech
 
 
 
 
 
 
 
 
 
Manufacturer of high speed powder filling systems for global food and beverage, and nutraceutical markets headquartered in Harwich (Essex), England.
 
 
 
 
 
 
 
 
 
July 3, 2017
 
Stock
 
Aircraft Maintenance Support Services, Ltd. (AMSS)
 
Cardiff, Wales
 
AeroTech
 
 
 
 
 
 
 
 
 
Manufacturer of military and commercial aviation equipment.
 
 
 
 
 
 
 
 
 
February 24, 2017
 
Stock
 
Avure Technologies, Inc.
 
Middletown, OH
 
FoodTech
 
 
 
 
 
 
 
 
 
Manufacturer of high pressure processing (HPP) systems. HPP is a cold pasteurization technology that ensures food safety without heat or preservatives, maintaining fresh food characteristics such as flavor and nutritional value, while extending shelf life.

Each acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired.
The following presents the allocation of acquisition costs to the assets acquired and the liabilities assumed, based on their estimated values:
 
 
PLF(1)
 
Avure(2)
 
Other (3)(1)
 
Total
(In millions)
 
 
 
 
 
 
 
 
Financial assets
 
$
20.8

 
$
4.3

 
$
11.1

 
$
36.2

Inventories
 
1.0

 
14.4

 
9.8

 
25.2

Property, plant and equipment
 
2.2

 
4.5

 
9.9

 
16.6

Other intangible assets(4)
 
17.9

 
20.8

 
9.7

 
48.4

Deferred taxes
 
(3.4
)
 
(3.6
)
 
(0.7
)
 
(7.7
)
Financial liabilities
 
(5.5
)
 
(10.5
)
 
(9.5
)
 
(25.5
)
Total identifiable net assets
 
$
33.0

 
$
29.9

 
$
30.3

 
$
93.2

 
 
 
 
 
 
 
 
 
Cash consideration paid
 
$
46.1

 
$
58.9

 
$
32.6

 
$
137.6

Holdback payments due to seller
 
5.5

 
—

 
1.9

 
7.4

Total consideration
 
51.6

 
58.9

 
34.5

 
145.0

Cash acquired
 
15.5

 
—

 
2.2

 
17.7

Net consideration
 
$
36.1

 
$
58.9

 
$
32.3

 
$
127.3

 
 
 
 
 
 
 
 
 
Goodwill
 
$
18.6

 
$
29.0

 
$
4.2

 
$
51.8



(1)
The purchase accounting for these acquisitions is preliminary. For PLF, AMSS and Schröder the valuation of certain working capital balances, intangibles, income tax balances and residual goodwill related to each is not complete. We are also currently assessing the amount of goodwill that we expect to be deductible for tax purposes. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). During the quarter ended March 31, 2018 we had no measurement period adjustments.
(2)
The purchase accounting for this acquisition is final.
(3)
Other balances include AMSS and Schröder, which are preliminary, refer to Note (1).
(4)
The acquired definite-lived intangibles are being amortized on a straight-line basis over their estimated useful lives, which range from five to fourteen years. The tradename intangible assets for Avure and PLF have been identified as indefinite-lived intangible assets and will be reviewed annually for impairment.