Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

On February 27, 2020, the Company acquired selected assets of Matchless Metal Polishing (“Matchless”), a North American manufacturer of high-quality polishing buffs, compounds, and chemicals with annual sales of approximately $8 million, for a preliminary cash purchase price of $5 million which was funded with cash on hand. The purchase price includes $1 million that is contingent upon certain performance conditions. Through the acquisition of Matchless, the Company expanded its product line offerings within North America. The business will be integrated into the Company’s industrial segment. The acquisition includes the purchase of product lines, customers and selected assets and does not include manufacturing operations, with Matchless production transitioning to existing industrial facilities The preliminary purchase price allocation is not disclosed as the initial accounting is incomplete as of the filing date.