Subsequent Events

3 Months Ended

Oct. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Note R – Subsequent Events

On November 12, 2014, the Company announced its intent to close its Grinnell, Iowa, manufacturing facility.  The Grinnell plant opened in 1952 to produce mufflers and air cleaners.  Approximately 75 employees will be affected by the planned closure of the facility.   The Company anticipates approximately $5.0 million of restructuring charges in the current fiscal year as a result of the announced closing of this plant.

In the first quarter of Fiscal 2015, the Company offered lump sum settlements to certain participants of its U.S. pension plans.  During the second quarter, the Company will be making cash distributions to all participants that accepted these settlement offers and anticipates recording approximately $4.0 million of expense in the quarter.

On November 21, 2014, the Company’s Board of Directors declared a cash dividend in the amount of $0.165 per common share, payable to stockholders of record on December 8, 2014.  The dividend will be paid on December 19, 2014.