Acquisitions

12 Months Ended

Dec. 31, 2020

DMP Acquisition

On July 1, 2020, the Company completed the DMP Acquisition, which was not material to its Consolidated Financial Statements for the year ended December 31, 2020 and, therefore, the purchase price allocation, pro forma and post-acquisition results of operations have not been presented. The DMP business, which provides turnkey wastewater treatment and recycle and reuse solutions across multiple manufacturing industries, is included in our Industrial & Specialty business segment. The impact of this acquisition was not material to the Company's Consolidated Financial Statements, therefore, the purchase price allocation, pro forma and post-acquisition results of operations have not been presented.

Kester Acquisition

On December 2, 2019, the Company completed the Kester Acquisition for $63.9 million, net of cash, working capital and certain post-closing adjustments and funded with available liquidity. The Kester business, a global supplier of advanced technology assembly materials used in electronics assembly and semiconductor applications, complements our assembly and semiconductor businesses. The Kester business is included in our Electronics business segment.

The following table summarizes the allocation of the purchase price of the Kester Acquisition to the identified assets acquired and liabilities assumed at the acquisition date:


(dollars in millions)
Identifiable assets acquired and liabilities assumed
Accounts receivable	$	7.6
Inventories	8.9
Other current assets	0.4
Property, plant and equipment	8.3
Identifiable intangible assets	36.2
Other assets	2.6
Current liabilities	(3.2)
Long-term liabilities	(4.5)
Total identifiable net assets	56.3
Goodwill	7.6
Total purchase price	$	63.9

The purchase price allocation was finalized, resulting in immaterial adjustments to the preliminary allocation disclosed above.

The excess of the cost of the Kester Acquisition over the net amounts assigned to the fair values of the assets acquired and the liabilities assumed was recorded as goodwill and represented the value of the assembled workforce. The majority of goodwill recorded in connection with the Kester Acquisition is expected to be deductible for tax purposes.

The fair value of the identifiable intangible assets recorded in conjunction with the Kester Acquisition were as follows:


(dollars in millions)	Fair Value		Weighted Average Useful Life (years)
Customer relationships	$	35.0	12
Trade name	1.0		5
Developed technology	0.2		3
Total	$	36.2	11.8

The fair value of the identifiable intangible assets was determined primarily using the “income approach,” which requires a forecast of all of the expected future cash flows either through the use of the multi-period excess earnings method or the relief-from-royalty method. Some of the more significant assumptions inherent in the development of intangible asset values include: the amount and timing of projected future cash flows, the attrition rate and the discount rate selected to measure the risks inherent in the future cash flows.

The Kester Acquisition was not significant to the Company's Consolidated Financial Statements for the year ended December 31, 2020 and, therefore, pro forma and post-acquisition results of operations have not been presented.