Acquisitions and Divestitures

3 Months Ended

Mar. 01, 2014

Acquisitions and Divestitures Abstract

Acquisitions and Divestitures Disclosure

Note 2: Acquisitions and Divestitures

Acquisitions

Plexbond Quimica, S.A.: On June 6, 2013 we acquired Plexbond Quimica, S.A., a provider of chemical urethane adhesives and polyurethane resins based in Curitiba, Brazil. The acquisition was a stock purchase and encompassed all of Plexbond Quimica, S.A. business operations.The purchase price of $10,239 was funded through existing cash and was recorded in our Americas Adhesivesoperating segment.

The fair value measurement was preliminary at March 1, 2014 and November 30, 2013 subject to further review and final resolution of any purchase price adjustments. We expect the fair value measurement process to be finalized in the second quarter of 2014.

The following table summarizes the preliminary fair value measurement of the assets acquired and liabilities assumed as of the date of acquisition:

	Preliminary Valuation
	March 1, 2014		November 30, 2013
Current assets	$	5,179	$	5,179
Property, plant and equipment		2,275		2,275
Goodwill		3,626		3,626
Other intangibles
Customer relationships		3,529		3,529
Noncompetition agreements		565		565
Other assets		608		608
Current liabilities		(3,684)		(3,684)
Other liabilities		(1,859)		(1,859)
Total purchase price	$	10,239	$	10,239

Divestitures

Central America Paints:On August 6, 2012 we completed the sale of our Central America Paints business to Compania Global de Pinturas S.A., a company of Inversiones Mundial S.A. The assets and liabilities of this business are presented on the Condensed Consolidated Balance Sheets as assets and liabilities of discontinued operations. A portion of the cash proceeds was determined to be contingent consideration, pending resolution of purchase agreement contingencies. The contingent consideration was valued at fair value based on level 3 inputs. The contingent consideration was included in current liabilities of discontinued operations in the Condensed Consolidated Balance Sheets at March 1, 2014 and November 30, 2013 as we expect the purchase agreement contingencies to be resolved in 2014.

The major classes of assets and liabilities of discontinued operations as of March 1, 2014 and November 30, 2013 were as follows:

	March 1, 2014		November 30, 2013
Other current assets	$	1,865	$	1,865
Current assets of discontinued operations		1,865		1,865
Other accrued expenses	$	5,000	$	5,000
Current liabilities of discontinued operations		5,000		5,000