Acquisitions

12 Months Ended

Dec. 31, 2011

Acquisitions [Abstract]

Acquisitions

9. Acquisitions

During 2011, the Company acquired three companies in the Industrial Group and one company in the Electrical/Electronic Materials Group for approximately $115,600,000. During 2010, the Company acquired four companies in the Industrial and Electrical/Electronic Materials Groups for approximately $90,645,000. During 2009, the Company acquired eight companies in the Industrial and Automotive Groups for approximately $71,038,000.

The Company allocated the purchase price to the assets acquired and the liabilities assumed based on their fair values as of their respective acquisition dates. The results of operations for the acquired companies were included in the Company’s consolidated statements of income beginning on their respective acquisition dates. The Company recorded approximately $78,210,000, $40,247,000, and $12,199,000 of goodwill and other intangible assets associated with the 2011, 2010, and 2009 acquisitions, respectively. The Company is in the process of analyzing the estimated values of assets and liabilities acquired for certain 2011 acquisitions. The allocation of the purchase price is therefore preliminary and subject to revision.

On June 1, 2009, the Company acquired the remaining noncontrolling interest in its consolidated subsidiary, Balkamp, Inc., for approximately $63,165,000. The acquisition was accounted for as an equity transaction and the associated noncontrolling interest in the subsidiary’s equity was eliminated as part of the transaction.