Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition of Bacharach, Inc.

On July 1, 2021, we acquired Bacharach, Inc. and its affiliated companies (Bacharach) in an all cash transaction valued at $337 million, net of cash acquired. Headquartered near Pittsburgh in New Kensington, PA, Bacharach is a leader in gas detection technologies used in the heating, ventilation, air conditioning, and refrigeration (HVAC-R) markets.

Our results for the three months ended June 30, 2021 include transaction costs of $1.9 million related to the acquisition. These costs are reporting in selling, general and administrative expenses.

Bacharach operating results will be included in our financial statements from the acquisition date with results impacting both the Americas and International segments. The acquisition qualifies as a business combination and will be accounted for using the acquisition method of accounting.

Acquisition of Noncontrolling Interest

During July 2021, we purchased the remaining 10% noncontrolling interest in MSA (China) Safety Equipment Co., Ltd. from our China partner for $19 million, inclusive of a $6 million dividend. China has been a key market in our International segment and is an important part of our strategic plan going forward. We have seen good growth in China and continue to make additional investments in this region.