Acquisitions:

On September 1, 2015, the Company completed the acquisition of the Belts business for $213.7 million, including cash acquired of approximately$0.1 million. The Company incurred approximately $1 million of legal and professional fees to acquire the Belts business. The Belts business is a leading North American manufacturer of belts used in industrial, commercial and consumer applications, and sold under multiple brand names, including Carlisle®, Ultimax® and Panther®, among others. The acquisition of the Belts business further diversifies the Company's portfolio beyond engineered bearings, bringing customers an expanded offering of mechanical power transmission products and services. The product portfolio includes more than 20,000 parts that utilize wrap molded, raw edge, v-ribbed and synchronous belt designs. Based in Springfield, Missouri, the Belts business had sales of approximately $140 million for the twelve months ending June 30, 2015, and employs approximately 750 employees. The results of the operations of the Belts business are reported in both the Mobile Industries and Process Industries segments based on customers served.

On November 30, 2014, the Company completed the acquisition of the assets of Revolvo, a specialty bearing company based in Dudley, U.K., for $9.7 million. In 2015, the Company received $0.3 million in connection with a post-closing working capital adjustment. Revolvo makes and markets ball and roller bearings for industrial applications in process and heavy industries. Revolvo's split roller bearing housed units are widely used by mining, power generation, food and beverage, pulp and paper, metals, cement, marine and waste-water end users. The Company reported the results for Revolvo in the Process Industries segment.

On April 28, 2014, the Company completed the acquisition of assets from Schulz for $12.0 million in cash. Schulz provides electric motor and generator repairs, motor rewinds, custom controls and panels, systems integration, pump services, machine rebuilds, hydro services and diagnostics for a broad range of commercial and industrial applications. Schulz serves customers nationwide in the commercial nuclear power market sector, as well as regionally in the hydro and fossil fuel market sectors, water management, paper and general manufacturing sectors in the New England and Mid-Atlantic regions. Based in New Haven, Connecticut, Schulz employs 125 associates. The Company reported the results for Schulz in the Process Industries segment.

On May 13, 2013, the Company completed the acquisition of Standard Machine, which provides new gearboxes, gearbox service and repair, open gearing, large gear fabrication, machining and field technical services to end users in Canada and the western United States, for $37.0 million in cash, including cash acquired of approximately $0.1 million. Based in Saskatoon, Saskatchewan, Canada, Standard Machine employs 125 people and serves a wide variety of industrial sectors including mining, oil and gas, and pulp and paper. The Company reported the results for Standard Machine in the Process Industries segment.

On April 11, 2013, the Company completed the acquisition of substantially all of the assets of Smith Services, an electric motor repair specialist, for $13.2 million. Based in Princeton, West Virginia, Smith Services employs approximately 140 people. The Company reported the results for Smith Services in the Process Industries segment.

On March 11, 2013, the Company completed the acquisition of Interlube, which makes and markets automated lubrication delivery systems and related components to end market sectors including commercial vehicles, construction, mining, and heavy and general industries, for $14.5 million, including cash acquired of approximately $0.3 million. Based in Plymouth, U.K., Interlube employs about 90 people. The Company reported the results for Interlube in the Mobile Industries segment.

Pro forma results of these operations have not been presented because the effects of the acquisitions were not significant to the Company’s income from operations or total assets in 2015, 2014 or 2013, respectively.

The purchase price allocations, net of cash acquired, and any subsequent purchase price adjustments for acquisitions in 2015, 2014 and 2013 are presented below:



	2015		2014		2013
Assets:
Accounts receivable	$	13.3	$	4.5	$	10.6
Inventories	48.5		5.4		12.7
Other current assets	1.1		0.3		0.4
Property, plant and equipment	37.9		2.8		19.5
Goodwill	70.8		4.7		18.1
Other intangible assets	63.9		7.5		13.0
Total assets acquired	$	235.5	$	25.2	$	74.3
Liabilities:
Accounts payable, trade	$	10.2	$	2.3	$	3.3
Salaries, wages and benefits	1.1		—		1.4
Other current liabilities	1.3		1.0		0.9
Accrued pension cost	2.3		—		—
Accrued postretirement liability	1.1		—		—
Other non-current liabilities	5.9		0.5		4.5
Total liabilities assumed	$	21.9	$	3.8	$	10.1
Net assets acquired	$	213.6	$	21.4	$	64.2

The amounts for 2015 in the table above represent the preliminary purchase price allocation for the Belts business.

The following table summarizes the preliminary purchase price allocation for identifiable intangible assets acquired in 2015:



	Purchase Price Allocation
			Weighted- Average Life
Trade name	$	1.7	11 years
Technology / Know-how	17.1		20 years
All customer relationships	43.9		20 years
Capitalized software	1.2		3 years
Total intangible assets	$	63.9

The following table summarizes the final purchase price allocation for identifiable intangible assets acquired in 2014:



	Purchase Price Allocation
			Weighted- Average Life
Trade name	$	0.6	7 years
Technology / Know-how	2.6		17 years
All customer relationships	4.2		15 years
Non-compete agreements	0.1		5 years
Total intangible assets	$	7.5

Divestitures:

On October 21, 2015, the Company completed the sale of all of the outstanding stock of Alcor. Alcor, located in Mesa, Arizona, had sales of $20.6 million for the twelve months ending September 30, 2015. The results of the operations of Alcor were reported in the Mobile Industries segment. The Company recorded proceeds of $43.4 million and recognized a gain on the sale of Alcor of $29.0 million during the fourth quarter of 2015. The gain was reflected in gain on divestitures in the Consolidated Statement of Income.

On April 30, 2015, the Company completed the sale of a service center in Niles, Ohio. The company received $2.8 million in cash proceeds for the service center. The Company recognized a loss of $0.3 million from the sale reflected in gain on divestitures in the Consolidated Statement of Income.

During the third quarter of 2014, the Company classified assets of the aerospace engine overhaul business, located in Mesa, Arizona, as assets held for sale. In connection with this classification, the Company recorded an impairment charge of $1.2 million. In November 2014, the Company sold the assets of the aerospace engine overhaul business for $7.4 million and recorded an immaterial loss.