Business Acquisition

3 Months Ended

Mar. 29, 2025

Business Acquisition

Business Acquisition

Note Q– Business Acquisition

On February 14, 2025, the Company acquired certain assets under asset and real estate purchase agreements from Centralia Industrial Painting, Inc. and Ronald R. Rainwater, respectively.  These assets are held in our Big 3 Precision Products, Inc. (“Big 3”) subsidiary. We expect the acquisition will enable the Company to become more competitive with respect to cost and quality of the products sold by Big 3.

The acquisition was accounted as a business combination (ASC Topic 805). The acquired assets are included in the consolidated financial statements of the Company from the effective date of the acquisition. The excess of the purchase price paid over the fair market value of the net assets acquired of $0.1 million has been recorded as goodwill.