
3.	Acquisitions & Divestitures

In April 2010, the Corporation acquired PMA AG (“PMA”), a leading European manufacturer of technologically advanced cable protection systems, for approximately $114 million. The purchase price consisted of cash of approximately $78 million and debt assumed of approximately $36 million. The purchase price allocation resulted in goodwill of approximately $33 million and other intangible assets of approximately $60 million, all of which was assigned to the Company’s Electrical segment. The results of these operations have been included in the consolidated financial statements of the Corporation since the acquisition date.

In January 2010, the Corporation acquired JT Packard & Associates, Inc. (“JT Packard”), the nation’s largest independent service provider for critical power equipment used by industrial and commercial enterprises in a broad array of markets, for approximately $21 million. The purchase price allocation resulted in goodwill of approximately $6 million and other intangible assets of approximately $11 million, all of which was assigned to the Corporation’s Electrical segment. The results of these operations have been included in the consolidated financial statements of the Corporation since the acquisition date.

During 2010, the Corporation divested of its non-strategic communications products business. The operations associated with this business have been reflected as discontinued operations in the Corporation’s consolidated statements of operations. Discontinued operations in the second quarter of 2010 reflected net sales of approximately $15 million, earnings before income taxes of $2.1 million and net earnings of $1.4 million from the divested communications product business. Discontinued operations in the first six months of 2010 reflected net sales of approximately $30 million, earnings before income taxes of $4.6 million and net earnings of $3.0 million from the divested communications product business.