Subsequent Event Subsequent Event

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On July 20, 2015, the Company, through one of its subsidiaries (the “Purchaser”), entered into a Sale and Purchase Agreement (the "SPA") with the three shareholders of privately held HPE S.p.A. (collectively, the “Seller”) for the acquisition (the “Acquisition”) of all of the shares of capital stock of HPE S.p.A. through which Seller owns and operates its Thermoplay business ("Thermoplay”). Thermoplay’s headquarters and manufacturing facility are located in Pont-Saint-Martin in Aosta, Italy, with technical service capabilities in China, India, France, Germany, United Kingdom, Portugal, and Brazil. Thermoplay specializes in the design, development, and manufacturing of hot runner solutions for plastic injection molding, primarily in the packaging, automotive, and medical end markets. The purchase price payable by the Purchaser for the Acquisition under the terms of the SPA is €50 million in cash, subject to certain adjustments in connection with the closing. The closing of the Acquisition is subject to the satisfaction of certain closing conditions, and is currently expected to occur in August 2015. The Company expects to finance the transaction with cash on hand and borrowings under the Company’s revolving credit facility. Following the closing, Thermoplay will operate as a business unit within the Company’s Industrial segment.