Business Acquisition

6 Months Ended

Mar. 28, 2015

Business Acquisition [Abstract]

Business Acquisition

16. Business Acquisition

On June 17, 2014, the Company acquired REI for a total purchase price of $14.8 million.  REI is a leader in testing systems utilizing electric and electromagnetic actuation technology and is based in Lexington, North Carolina. The acquisition is part of the Company’s continued investment to expand the Company’s technology base and supplement its organic growth initiatives.

The transaction was accounted for under the acquisition method of accounting and the results of operations of the entity are included in the Company’s Consolidated Statements of Income as of and since June 17, 2014 and are reported in the Company’s Test segment. The acquisition of REI’s assets and liabilities does not constitute a material business combination, and accordingly, pro forma results have not been included.

During the three months ended December 27, 2014, the Company recognized an adjustment of $1.7 million related to a deferred tax liability as part of the provisional allocation of the purchase price assigned to the assets acquired and liabilities assumed.

The following table summarizes the allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of acquisition:

(in thousands) :		Amount
Accounts receivable and inventory	$	1,763
Machinery and equipment		477
Deferred tax liability		(1,445)
Current liabilities		(1,900)
Identifiable intangible assets		4,709
Net assets acquired		3,604
Goodwill		11,238
Total purchase price	$	14,842

As of March 28, 2015, the Company has completed its fair value determinations for all of the elements of the REI acquisition.