Acquisitions and Divestitures

6 Months Ended

May 31, 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 polyester 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 $10,390 was funded through existing cash and was recorded in our Americas Adhesives operating segment.

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

	Preliminary Valuation		Final Purchase		Final Valuation
	November 30, 2013		Price Adjustment		May 31, 2014
Current assets	$	5,179	$		$	5,179
Property, plant and equipment		2,275				2,275
Goodwill		3,626		151		3,777
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	$	151	$	10,390

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 May 31, 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 May 31, 2014 and November 30, 2013 were as follows:

	May 31, 2014		November 30, 2013
Current assets of discontinued operations	$	1,865	$	1,865
Current liabilities of discontinued operations	$	5,000	$	5,000