Acquisitions Acquisitions (Notes)

12 Months Ended

Dec. 31, 2018

ACQUISITIONS

Axtone Railway Components

On January 26, 2017, we acquired 100% of the privately held stock of Axtone Railway Components (Axtone) for a purchase price of $123.1, including cash acquired. Axtone, which had 2016 revenue of approximately $72, is a manufacturer of highly engineered and customized energy absorption solutions, including springs, buffers, and coupler components for the railway and industrial markets.

The final purchase price for Axtone is based on the net assets acquired and liabilities assumed as of January 26, 2017, with the excess of the purchase price of $86.0 recorded as goodwill. The goodwill arising from this acquisition, which is not expected to be deductible for income tax purposes, has been assigned to the Motion Technologies segment.

Allocation of Purchase Price for Axtone



Cash	$	9.4
Receivables	11.5
Inventory	13.6
Plant, property and equipment	13.1
Goodwill	86.0
Other intangible assets	9.9
Other assets	5.5
Accounts payable and accrued liabilities	(15.2		)
Postretirement liabilities	(4.2		)
Other liabilities	(6.5		)
Net assets acquired	$	123.1

Pro forma results of operations have not been presented because the acquisitions were not deemed material at the acquisition date.

Agreement to Acquire Rheinhütte Pumpen Group

On February 21, 2019, we entered into an agreement to acquire Rheinhütte Pumpen Group (Rheinhütte) for cash consideration of €81 euros. The final purchase price is subject to a customary net working capital adjustment. Rheinhütte, with 2018 revenue of approximately $66 and approximately 430 employees, is a globally recognized designer and manufacturer of highly engineered pumps suited for harsh and corrosive environments for the industrial market. The acquisition is expected to close in the first half of 2019, subject to customary closing conditions and appropriate regulatory approvals. Rheinhütte will be reported within the Industrial Process segment.