Divestitures and assets held for sale

12 Months Ended

Dec. 28, 2012

Divestitures and assets held for sale [Abstract]

Divestitures and assets held for sale

(16)           Divestitures and assets held for sale

 During 2012, we recorded $0.3 million of costs incurred in connection with an unfavorable litigation outcome involving our former Medtech components business which was sold in 2009.

 During 2011, we recorded $0.6 million of other income to reflect updated estimates of the net proceeds we expect to receive upon the disposition of the remaining operations of Electrical, offset by $0.6 million of costs incurred in connection with the Electrical sale to reimburse the buyer for certain contingent costs that we were obligated to pay under the sale agreement.

 During 2010, we completed the divestiture of our former Electrical business in Europe and Asia to Tinicum Capital Partners II, L.P.  Our net cash proceeds were approximately $53.3 million in cash, including normal working capital adjustments and other financial adjustments.  On January 4, 2010, we divested Electrical's North American operations for an amount immaterial to our Consolidated Financial Statements.  Electrical produced a full array of precious metal electrical contact products that range from materials used in the fabrication of electrical contacts to completed contact subassemblies.  Net proceeds from each transaction, after funding related retirement plan obligations and transaction costs, were used to repay outstanding debt.  We have no material continuing involvement with our former Electrical business in Europe and Asia. 

 During 2010, we reflected the results of our Medtech components business and microelectromechanical systems microphone ("MEMS") businesses as a discontinued operation on the Consolidated Statements of Operations. These businesses were divested during 2009.

 The following table presents net sales and pre-tax income from discontinued operations for years ended December 28, 2012, December 30, 2011 and December 31, 2010 (in thousands):

	Years Ended
	2012			2011			2010
Net sales	$	--		$	--		$	203,202
Loss before income taxes		(345	)		(28	)		(8,845	)

During 2012, we entered into a series of definitive agreements with an acquirer for the sale of three of our manufacturing plants in China and equipment related to our encapsulated transformer product line.  We completed the sale of our encapsulated transformer assets and one of our manufacturing plants and recognized a $0.7 million gain for the sale of these assets.  The remaining assets included under these definitive agreements are pending the completion of certain administrative closing conditions in China.  During fiscal 2012, we received $6.1 million in cash deposits in connection with the pending asset sales under these definitive agreements.  As of December 28, 2012, these remaining assets have a net carrying value of $5.7 million and are classified as held for sale within prepaid expenses and other current assets in the Consolidated Balance Sheets.  We expect to complete these sales in the first quarter of 2013.

During 2011, we reclassified the land and building located in our former operations in Tunisia as held for sale within other current assets in the Consolidated Balance Sheets.  During 2012, we completed the sale of portion of this real estate for an amount immaterial to our Consolidated Financial Statements and are actively marketing the remaining properties. These assets remain classified as held for sale at December 28, 2012 and have a net carrying value of approximately $1.8 million.