Acquisitions

3 Months Ended

Mar. 30, 2014

Acquisitions [Abstract]

Acquisitions

Note 16.   Acquisitions

On March 10, 2014, the Company entered into a definitive merger agreement with AMCOL International Corporation.  Under the terms of the agreement, the Company will acquire all outstanding shares of AMCOL for $45.75 per share in cash, or a total value of approximately $1.7 billion.  The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2014 and is subject to customary closing conditions.  The Company expects to finance this transaction with a combination of cash on hand and borrowings.  JP Morgan Chase Bank, N.A. has committed to provide senior secured credit facilities consisting of a $200 million revolving credit facility and a $1.56 billion term loan facility.

The company incurred $7.5 million of acquisition-related  transaction costs in the first quarter, of which $2.4 million were reflected as deferred financing costs.