The Corporation focuses on being the low-cost provider of its products by reducing operating costs and implementing lean manufacturing initiatives, which have in part led to the involuntary termination of certain positions and the consolidation of facilities and product lines.

During the year ended 2012, the Corporation recorded restructuring costs by segment as follows:

(In thousands)
	Flow Control		Controls		Surface Technologies		Consolidated
Cost of sales	$	1,377	$	2,351	$	7,050	$	10,778
Selling expenses		430		-		-		430
General and administrative		1,883		1,075		5,035		7,993
Total	$	3,690	$	3,426	$	12,085	$	19,201

During 2012, the Corporation committed to a plan to restructure existing operations through a reduction in workforce and consolidation of operating locations. The plan impacted all three of the Corporation's reportable segments and resulted in costs incurred of $19 million. In the Flow Control and Controls segments, restructuring costs of $4 million and $3 million, respectively, were primarily for severance and benefit costs associated with headcount reductions. In the Surface Technologies segment, restructuring costs of $7 million were primarily for severance and benefits costs and $5 million of non-cash costs for a fixed asset write-down due to the cease use of an operating facility.

The Corporation has completed its restructuring activities under the 2012 restructuring plan and does not plan to incur additional costs under this plan.

During the year ended 2011, the Corporation, in its Flow Control segment, incurred $0.2 million of severance and benefit costs related to headcount reductions within General and administrative expenses. These actions completed the 2010 oil and gas restructuring initiative.

During the year ended 2010, the Corporation recorded restructuring costs by segment as follows:

(In thousands)
	Flow Control		Controls		Surface Technologies		Consolidated
Cost of sales	$	546	$	498	$	219	$	1,263
Selling expenses		5		105		-		110
General and administrative		1,928		239		-		2,167
Total	$	2,479	$	842	$	219	$	3,540

During 2010, the Corporation continued its restructuring initiative from 2009 and in the fourth quarter of 2010, implemented its oil and restructuring initiative. These activities resulted in costs incurred of $3.5 million. The costs consisted of severance costs to involuntary terminate certain employees; relocation costs; exit activities of certain facilities, including lease cancellation costs; and external legal and consulting fees. In the Flow Control segment, the Corporation incurred $2.5 million of restructuring costs of which $1.4 million, $0.7 million and $0.4 million were for severance and benefits, facility closing costs, and relocation costs, respectively. In the Controls segment, the Corporation incurred $0.8 million of restructuring costs of which $0.7 million, $0.1 million, and $0.1 million were for severance and benefits, facility closing costs, and relocation costs, respectively. In the Surface Technologies segment, the Corporation incurred $0.2 million of restructuring costs of which $0.1 million and $0.1 million were for facility closing costs and relocation costs, respectively.

The following table summarizes the cash components of the Corporation's restructuring plans. Accrued restructuring costs are included in Other current liabilities in the accompanying balance sheet.

(In thousands)
	Severance and Benefits		Abandonment of facility costs		Total

December 31, 2010	$	170	$	215	$	385
Provisions		181		-		181
Payments		(351)		(215)		(566)
December 31, 2011	$	-	$	-	$	-
Provisions		7,326		6,887		14,213
Payments		(6,306)		(781)		(7,087)
December 31, 2012	$	1,020	$	6,106	$	7,126