ACQUISITIONS Acquisitions (Notes)

3 Months Ended

Apr. 01, 2023

Acquisitions [Abstract]

Business Combination Disclosure [Text Block]

ACQUISITIONS

Acquisition of Habonim Industrial Valves and Actuators Ltd (Habonim)

On April 4, 2022, we completed the acquisition of 100% of the privately held stock of Habonim for a purchase price of $139.9. Habonim is a designer and manufacturer of valves, valve automation and actuation for the gas distribution (including liquified natural gas), biotech and harsh application service sectors. Habonim sells directly to original equipment manufacturers and integrators for customized solutions. Habonim has operations in Israel, the U.S., and the Netherlands, and has a workforce of approximately 200 employees. Beginning in the second quarter of 2022, Habonim’s results are reported within our IP segment.

The assets acquired and liabilities assumed were recorded at fair value. As of April 1, 2023, allocation of the purchase price was complete and is presented in the table below.

Final Allocation of Purchase Price
Receivables	$	10.2
Inventory	17.8
Plant, property and equipment	16.1
Goodwill	62.9
Other intangible assets	47.2
Other assets	4.2
Accounts payable and accrued liabilities	(8.7)
Other liabilities	(7.1)
Noncontrolling interest	(2.7)
Net assets acquired	$	139.9

Pro forma results of operations have not been presented because the acquisition was not deemed significant as of the acquisition date.

Subsequent Event

On May 2, 2023, we completed the acquisition of Micro-Mode Products, Inc. (Micro-Mode) for a purchase price of approximately $80. Micro-Mode is a specialty designer and manufacturer of high-bandwidth Radio Frequency (RF) connectors for harsh environment defense and space applications. Micro-Mode has a single manufacturing site near San Diego, California and generated approximately $26 in sales in 2022. Micro-Mode’s results will be reported within our CCT segment beginning in the second quarter of 2023.