Business Acquisitions

9 Months Ended

Sep. 30, 2013

Business Acquisitions [Abstract]

Business Acquisitions Disclosure [Text Block]

Note 2— Business Acquisitions

During the third quarter of 2013, the Company purchased all of the membership interests of Carmen Matthew, LLC (d/b/a "Norlux"), which specializes in the design and manufacture of custom light emitting diode ("LED") solutions. Norlux was purchased for $14.9million and has been added to the Electrical segment,resulting in the recognition of intangible assets of $4.3million and goodwill of $8.1million. The $4.3 million of intangible assets consists primarily of customer relationships and tradenames that will be amortized over a weighted average period of approximately 15 years. All of the goodwill associated with the Norlux acquisition is expected to be deductible for tax purposes.

During the second quarter of 2013, the Company purchased all of the outstanding common stock of Connector Manufacturing Companyand Canadian Connector Corporation, collectively referred to as "CMC", for $44.2million, net of cash received. CMC manufactures and sells mechanical connectors and pole line hardware. This acquisition has been added to the Electrical segment and has resulted in the recognition of intangible assets of $6.0million and goodwill of $25.9million. The $6.0 million of intangible assets consists oftradenamesand customer relationships that will be amortized over a weighted average period of approximately 19 years.None of the goodwill associated with the CMC acquisition is expected to be deductible for tax purposes.

During the first quarter of 2013, the Company completed the acquisition of the majority of the net assets of Continental Industries, Inc. (“Continental”) for $37.4million. Continental produces high quality exothermic welding and connector products. This acquisition has been added to the Electrical segment and has resulted in the recognition of intangible assets of $11.0million and goodwill of $19.3million. The $11.0 million of intangible assets consists primarily of customer relationships andtradenames that will be amortized over a weighted average period of approximately 20 years. All of the goodwill associated with the Continental acquisition is expected to be deductible for tax purposes.

All of these business acquisitions have been accounted for as business combinations and have resulted in the recognition of goodwill. The goodwill relates to a number of factors built into the purchase price, including the future earnings and cash flow potential of the businesses as well as the complementary strategic fit and resulting synergies they bring to the Company's existing operations.

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition related to these transactions:

Tangible assets acquired	$	33.9
Intangible assets		21.3
Goodwill		53.3
Liabilities assumed		(12.0)
Total cash consideration	$	96.5

The Condensed Consolidated Financial Statements include the results of operations of Norlux, CMC and Continental from the date of acquisition. Net sales and earnings related to these acquisitions for the three and nine months ended September 30, 2013 were not significant to the consolidated results. Pro forma information related to these acquisitions has not been included because the impact to the Company's consolidated results of operations was not material.