Discontinued operations

9 Months Ended

Sep. 30, 2011

Discontinued operations [Abstract]

Discontinued operations

Note 2 — Discontinued operations

In the third quarter of 2010 the Company sold substantially all of the assets of Assembly Component Systems, Inc. (“ACS”), a wholly owned subsidiary for $19.0 million. A $2.5 million net loss on the sale was recorded in the third quarter of 2010.

In the fourth quarter of 2010, the Company sold substantially all of the assets of Rutland Tool & Supply Company, Inc. (“Rutland”). Accordingly, Rutland’s results of operations have been reflected in discontinued operations. Rutland’s net sales, which were previously included in the Company’s Maintenance Repair and Operations (“MRO”) segment, were $7.7 million and $23.3 million for the three and nine month periods ended September 30, 2010, respectively.