Acquisitions

3 Months Ended

Jan. 31, 2017

Business Combinations [Abstract]

Acquisitions

4. Acquisitions

On January 3, 2017, we purchased certain assets of ACE Production Technologies, Inc. (“ACE”), a Spokane, Washington based designer and manufacturer of selective soldering systems used in a variety of automotive and industrial electronics assembly applications. We acquired the assets for an aggregate purchase price of $14,000.  Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $6,622 and identifiable intangible assets of $5,010 were recorded. The identifiable intangible assets consist primarily of $2,800 of customer relationships (amortized over 7 years), $1,000 of tradenames (amortized over 11 years), $1,100 of technology (amortized over 7 years) and $110 of non-compete agreements (amortized over 3 years). Goodwill associated with this acquisition is tax deductible. This acquisition is being reported in our Advanced Technology Systems segment. As of January 31, 2017, the purchase price allocations remain preliminary as we complete our assessments of deferred taxes, intangible assets and certain reserves.

On September 1, 2016, we purchased 100 percent of the outstanding shares of LinkTech Quick Couplings, Inc. (“LinkTech”), a Ventura California designed, manufacturer and distributor of highly engineered precision couplings and fittings. This acquisition is being reported in our Advanced Technology Systems segment. As of January 31, 2017, no material measurement period adjustments were recorded, and the purchase price allocations remain preliminary as we complete our assessments of income taxes.