Business Acquisitions

3 Months Ended

Mar. 31, 2012

Business Acquisitions [Abstract]

Business Acquisitions Disclosure [Text Block]

Note 2— Business Acquisitions

During the first quarter of 2012, the Company completed the acquisition of Cableform Inc. (“Cableform”) for $10.9 million, net of cash received. Cableform Inc. designs and manufactures motor controls principally for the steel and mining industries. This acquisition has been added to the Electrical segment.

This acquisition has been accounted for as a business combination and has resulted in the recognition of intangible assets of $4.5 million and goodwill of $4.5 million. The $4.5 million of intangible assets consists primarily of customer relationships and tradenames that are expected to be amortized over 20 years. The goodwill relates to a number of factors built into the purchase price, including the future earnings and cash flow potential of the business as well as the complementary strategic fit and resulting synergies it brings to the Company's existing operations. None of the goodwill is expected to be deductible for tax purposes.

The Condensed Consolidated Financial Statements include the results of operations of Cableform from the date of acquisition.Net sales and earnings related to this acquisition for the first quarter of 2012were not significant to the consolidated results. Pro forma information related to this acquisition has not been included because the impact to the Company's consolidated results of operations was not material.