Sale of Business

12 Months Ended

Dec. 31, 2015

Discontinued Operations

Sale of Business

(5) Sale of Business

Sale of Certain Americas Product Lines

        On September 15, 2015, the Company completed the sale of certain assets related to the Company's fittings, brass and tubular and vinyl tubing product lines to a third party in an all-cash transaction. The Company received net cash proceeds of approximately $33.1 million, after inventory adjustments and transaction fees. Total net assets sold were $33.4 million, resulting in an immaterial loss.

        The carrying amounts of the net assets sold were as follows:

	(in millions)
Inventories, net	$	21.9
Other assets		3.1
Property, plant and equipment, net		4.3
Goodwill		4.1
Total net assets sold	$	33.4

Agreement to Sell China Manufacturing Facility

        On September 22, 2015, the Company signed an agreement to sell a manufacturing facility in China that is dedicated to the production of non-core products. As of December 31, 2015, the facility was still in operation and did not meet the requirements for held for sale classification on the balance sheet. The Company expects to complete the sale of the facility in the first half of 2016 and the sales price will exceed the carrying value of the assets.