Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 23, 2012, the Company announced that it has entered into a definitive agreement to acquire Infastech, a global manufacturer and distributor of specialty engineered fastening technology based in Hong Kong for approximately $850 million.  Infastech will be consolidated into the Company's Industrial segment.  The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2012. 

On July 25, 2012, the Company issued $750 million of 5.75% Junior Subordinated Debentures maturing on July 25, 2052.  The Company intends to use the approximately $729 million net proceeds from this offering for general corporate purposes, including the repayment of short term debt and the refinancing of recent and near term debt maturities.

The Company's $750 million 364 day credit facility terminated in July 2012 with the concurrent execution of a new $1.0 billion 364 day committed credit facility.  The new facility contains a 1 year term-out provision and borrowings under the Credit Agreement may include U.S. Dollars up to the $1.0 billion commitment or in Euro or Pounds Sterling subject to a foreign currency sublimit of $400.0 million and bear interest at a floating rate dependent upon the denomination of the borrowing.  Repayments must be made by July 12, 2013 or upon an earlier termination date of the Credit Agreement, at the election of the Company.