DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

2       DISCONTINUED OPERATIONS

On March 30, 2012, the Corporation sold the assets and real estate of its Heat Treating business, which had been reported in the Metal Treatment segment, to Bodycote plc. The sales price was $52 million and is subject to a post-closing adjustment based on the final closing balance sheet. The Corporation divested this non-core business to focus on higher technology services such as specialty coatings and materials testing. The Heat Treating business' operating results are included in discontinued operations in the Corporation's Condensed Consolidated Statement of Earningsfor all periods presented.

Components of earnings from discontinued operations for the three months ended March 31, were as follows:

		(In thousands)
	Three Months Ended
	March 31,
	2012		2011
Net sales	$	10,785	$	8,919
Earnings from discontinued operations before income taxes		4,929		2,496
Provision for income taxes		(1,870)		(947)
Gain on divestiture, net of taxes of $11,172		18,411		-
Earnings from discontinued operations	$	21,470	$	1,549

Included in the Corporation's Income taxes payable account as of March 31, 2012 is approximately $13 million primarily attributable to the gain on divestiture of our Heat Treating business.