Acquisitions

3 Months Ended

Apr. 02, 2023

Acquisitions [Abstract]

Acquisitions

Note  3.  Acquisitions

Concept Pet Heimtierprodukte GmbH

On April 29, 2022, the Company completed the acquisition of Concept Pet Heimtierprodukte GmbH (“Concept Pet”), a European supplier of pet litter products. The purchase of Concept Pet supports the expansion of our European pet care business, as well as provides additional mineral reserves.  The purchase price was $28.0 million and acquisition was financed through cash on hand.  The fair value of the total consideration transferred, net of cash acquired, was $22.4 million. The results of Concept Pet are included within our Household & Personal Care product line in our Consumer & Specialties segment. The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that we recognize the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The Company has preliminarily recorded goodwill of $9.2 million and intangible assets of $4.3 million relating to this acquisition.

The Company incurred $0.1 million and $1.6 million of acquisition related transaction and integration costs during the three-month periods ended April 2, 2023 and April 3, 2022, respectively, which are reflected within the acquisition-related expenses line of the Condensed Consolidated Statements of Income.