Acquisition, Divestiture and Assets Held for Sale

3 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisition, Divestiture and Assets Held for Sale

Acquisition, Divestiture and Assets Held for Sale

In 2016, we acquired a 70% ownership in Linear Mold and Engineering, a Livonia, Michigan-based company specializing in metal additive manufacturing that provides engineering, manufacturing and production consulting services to customers across a wide range of industries, including aerospace, defense, energy and industrial. The purchase price, net of acquired cash, was $22,765 consisting of $11,016 in cash, issuance of a $1,280 unsecured note and assumption of $10,469 of debt. The acquisition also includes a redeemable noncontrolling interest in the remaining 30%. This acquisition is included in our Space and Defense Controls segment. On January 25, 2017, we acquired the remaining 30% redeemable noncontrolling interest for $1,656 in cash, which will also be reflected in additional paid-in capital.

In 2017, we recorded losses in other expense of $8,936 related to selling the European space businesses of our Space and Defense Controls segment. We received $1,307 in cash and reclassified $7,213 in other current assets and $2,751 in other current liabilities as held for sale. We expect the sale of the held for sale portion of these businesses to be completed during 2017.