Subsequent Events

6 Months Ended

Jun. 29, 2013

NOTE M - Subsequent Events

Assets Held for Sale
On July 13, 2013, the Company signed a material definitive agreement to sell its Cross Accessory Division (“CAD”) to ATC Holdings, LP, a newly formed affiliate of Clarion Capital Partners, for a cash price of $60 million, subject to certain customary closing conditions and post closing adjustments. As part of this transaction, Clarion will assume substantially all of the assets and liabilities associated with CAD, excluding liabilities associated with its U.S. defined benefit pension plan and certain known pre-closing environmental matters. The transaction met the criteria for Assets Held for Sale at the time of signing subsequent to the end of the second quarter. The sale is expected to close before the end of the third quarter. As such, it is expected that CAD earnings will be reported as discontinued operations in the Company’s third quarter 2013 Form 10-Q. An approximation of those CAD assets and liabilities associated with this agreement that are presented in the unaudited June 29, 2013 condensed consolidated balance sheet are:


(THOUSANDS OF DOLLARS)
Current assets	$	51,368
Fixed assets, net		9,695
Intangibles		1,293
Total Assets	$	62,356

Current Liabilities	$	15,404
Long-Term Liabilities		988
Total Liabilities	$	16,392

Credit Agreement
On July 23, 2013, the Company and its lender, Bank of America, amended the Company’s current credit agreement, Second Amended And Restated Credit Agreement, that was due to mature on July 28, 2013. This amended agreement, First Amendment To Second Amended And Restated Credit Agreement, extends the maturity date to December 31, 2013. All other conditions, restrictions and covenants are unchanged.