Acquisitions and divestitures

9 Months Ended

Mar. 31, 2013

Acquisitions and divestitures [Abstract]

Acquisitions and Divestitures

Acquisitions and divestitures

Acquisitions - During the first nine months of fiscal 2013, the Company completed eight acquisitions whose aggregate sales for their most recent fiscal year prior to acquisition were $484 million. Total purchase price for the eight acquisitions was approximately $621 million in cash and $114 million in assumed debt.

Divestitures - During the first nine months of fiscal 2013, the Company divested the automotive businesses of its Mobile Climate Systems division and its Turkey refrigeration components business. Both of these businesses were part of the Climate & Industrial Controls Segment and had combined revenues of approximately $158 million for their most recent fiscal year. The Company recorded a net pre-tax gain in the first nine months of fiscal 2013 of approximately $17 million related to the divestitures. The gain is reflected in the other (income) expense, net caption in the Consolidated Statement of Income.