PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

PROPERTY, PLANT AND EQUIPMENT [Abstract]

7.	PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following (dollars in thousands):

	December 31,
	2011			2010
Land	$	3,396		$	3,400
Buildings and improvements		24,844			24,803
Machinery and equipment		67,823			67,961
Construction in progress		1,487			1,332
		97,550			97,496
Accumulated depreciation		(58,136	)		(52,703	)
	$	39,414		$	44,793

Depreciation expense for the years ended December 31, 2011, 2010 and 2009 was $8.0 million, $8.3 million and $6.3 million, respectively.

During the year ended December 31, 2009, upon the resolution of various environmental matters with the State of New Jersey, the Company recognized a previously-deferred $4.6 million gain related to the 2007 sale of land in Jersey City, New Jersey.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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