2.	Acquisitions :

April 2, 2018,

the Company acquired substantially all of the net assets of Berlin Metals, based in Hammond, Indiana, for

$21.9

million. Berlin Metals was founded in

1967

and is

one

of the largest North American service centers processing and distributing prime tin mill products and stainless steel strip in slit coil form. Berlin Metals is also a supplier of galvanized, light gauge cold rolled sheet and strip and other coated metals in coil forms, to customers in the building products, automotive and specialized industrial markets.

The acquisition is

not

considered significant and thus pro-forma information has

not

been provided. The acquisition was accounted for as a business combination and the assets were valued at fair market value. The table below summarizes the purchase price allocation of the fair market values of the assets acquired and liabilities assumed.

	As of
Details of Acquisition (in thousands)	April 2, 2018
Assets acquired
Accounts receivable, net		6,609
Inventories		14,769
Property and equipment		2,898
Prepaid expenses and other		345
Intangible assets		5,255
Total assets acquired		29,876
Total liabilities assumed		(7,969	)
Cash paid	$	21,907

The purchase price allocation presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using valuation techniques including income, cost and market approaches. The fair value estimates involve the use of estimates and assumptions, including, but

not

limited to, the timing and amounts of future cash flows, revenue growth rates, discount rates, and royalty rates.

As of the effective date of the acquisition, Berlin Metals’ results are included in the Company’s specialty metals flat products segment in the Company’s

2018

financial results. Upon the acquisition, the Company entered into an amendment to its asset-based credit facility to include the eligible assets of Berlin Metals.