Acquisition, Divestiture and Assets Held for Sale

6 Months Ended

Apr. 01, 2017

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. 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 is reflected in additional paid-in capital.

In 2017, we recorded losses in other expense of $13,396 related to selling non-core businesses of our Space and Defense Controls segment. We received $1,307 in cash and reclassified $9,454 in other current assets and $3,336 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.

On April 2, 2017, we acquired Rotary Transfer Systems, a manufacturer of electromechanical systems, located in Germany and France for a purchase price, net of acquired cash, of $42,579, consisting of $37,366 in cash, $3,284 in deferred payments and $1,929 in assumed pension obligations. This operation will be included in our Components segment.