Business Combinations and Asset Acquisitions

3 Months Ended

Apr. 02, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combination Disclosure

AcquisitionsOn February 25, 2022, a wholly-owned international subsidiary of the Company acquired all of the shares of Group Op de Beeck, a Belgium digester, organic and industrial waste processing company, that is now included in our Fuel

Ingredients segment, for an initially estimated purchase price of approximately $91.7 million, plus or minus various closing adjustments in accordance with the stock purchase agreement. After estimated purchase price adjustments related to future estimated construction, net debt and working capital, the Company paid approximately $71.3 million in cash consideration. The Company recorded assets and liabilities consisting of property, plant and equipment of approximately $27.8 million, intangible assets of approximately $27.1 million, goodwill of approximately $25.5 million and other net liabilities of approximately $(9.1) million including working capital and net debt. Such amounts have been recorded on a preliminary basis pending finalization of future construction, actual net debt and working capital that is expected to occur within the next six months. The Company does not expect material changes to these pending amounts. The identifiable intangibles have a weighted average life of 15 years.

Additionally, the Company completed another immaterial acquisition in the first quarter of fiscal 2022.