Acquisitions

August 5, 2019,

the Company acquired certain assets related to the manufacturing of the EZ Dumper® hydraulic dump inserts for

$0.1

million. The dump inserts are sold through a network of more than

100

dealers across the United States and Canada. As of the effective date of the acquisition, EZ Dumper’s results are included in the Company’s carbon flat products segment.

January 2, 2019,

the Company acquired substantially all of the net assets of McCullough, based in Kenton, Ohio for

$11.0

million. McCullough was founded in

1965

and manufactures and sells branded self-dumping metal hoppers used in a variety of industrial applications. McCullough’s products are primarily sold through industrial distributors and catalogues. As of the effective date of the acquisition, McCullough’s results are included in the Company’s carbon flat products segment. Upon the acquisition, the Company entered into an amendment to its credit facility to include the eligible assets of McCullough.

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. 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 credit facility to include the eligible assets of Berlin Metals.

The acquisitions are

not

considered significant and thus pro forma information has

not

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

	EZ Dumper			McCullough			Berlin Metals
	As of			As of			As of
Details of Acquisition (in thousands)	August 5, 2019			January 2, 2019			April 2, 2018
Assets acquired
Accounts receivable, net	$	-		$	461		$	6,609
Inventories		43			586			14,769
Property and equipment		67			4,138			2,898
Prepaid expenses and other		-			-			345
Goodwill		166			898			-
Intangible assets		23			5,599			5,255
Total assets acquired		299			11,682			29,876
Total liabilities assumed		(166	)		(682	)		(7,969	)
Cash paid	$	133		$	11,000		$	21,907

The purchase price allocations 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.