XML 26 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Acquisitions
12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Acquisitions Acquisitions
On May 31, 2019, the Company acquired EFCO, Inc. d/b/a Erie Press Systems (“EP”). EP, which is included in the Company's Engineered Products segment, is an industry-recognized leader in the manufacturing of advanced forging presses, hydraulic and mechanical presses, and metal stretch-forming and carbon extrusion machines for several end markets, including aerospace and defense, primary metals and high-speed rail.

During 2019, the Company paid $8.1 million in cash (net of $10.4 million of cash and cash equivalents acquired) for EP. In addition, the purchase agreement stipulates potential contingent consideration of up to an additional $1.0 million based on two-year cumulative earnings before interest and taxes. The estimated fair value of the contingent consideration, valued using level 3 inputs, was $0.0 million as of December 31, 2020. The Consolidated Statement of Operations for the year ended
December 31, 2020 includes a credit of $1.0 million in Selling, general and administrative expenses representing the reversal of a previously-recorded liability related to this contingent consideration.

On February 1, 2018, the Company acquired CDF for $35.6 million in cash for its Engineered Products segment.  CDF manufactures forgings for high-performance applications in the global aerospace, oil and gas, and other markets.

On October 1, 2018, the Company acquired Hydrapower Dynamics Limited (“Hydrapower”) for $7.8 million in cash for its Assembly Components segment. Headquartered in Birmingham, England, Hydrapower is a manufacturer of fluid handling systems incorporating hoses, manipulated tubes and fabricated assemblies for the bus and truck, automotive, agricultural and construction end markets.

During 2018, the Company made two other acquisitions in its Supply Technologies segment totaling a cash purchase price of $3.5 million. Both acquired companies distribute products into the aerospace and defense end markets.