Discontinued Operations Discontinued Operations

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

On December 20, 2019, the Company completed the sale of Lamons to two wholly-owned subsidiaries of an investment fund sponsored by First Reserve, pursuant to an Asset and Stock Purchase Agreement dated as of November 1, 2019 (the “Purchase Agreement”), for a purchase price of $135 million, subject to certain adjustments as set forth in the Purchase Agreement. The transaction was finalized in the first quarter of 2020 and resulted in a $1.8 million payment to the Company.

The Company's historical results for Lamons are shown in the accompanying consolidated statement of operations as a discontinued operation. Results of discontinued operations are summarized as follows (dollars in thousands):

	Three months ended June 30,			Six months ended June 30,
	2019			2019
Net sales	$	48,540		$	96,460
Cost of sales	(36,980		)	(71,870		)
Gross profit	11,560			24,590
Selling, general and administrative expenses	(7,510		)	(14,490		)
Operating profit	4,050			10,100
Other income, net	130			20
Income from discontinued operations, before income taxes	4,180			10,120
Income tax expense	(880		)	(2,280		)
Income from discontinued operations, net of tax	$	3,300		$	7,840