Sale of Canadian Plant

9 Months Ended

Sep. 30, 2015

Sale of Canadian Plant

Sale of Canadian Plant

4.Sale of Canadian Plant

On July 7, 2015, the Company entered into a definitive agreement to sell its manufacturing assets in Port Colborne, Ontario, Canada for approximately $30 million.  The sale is expected to close in the fourth quarter of 2015 and is currently expected to result in a pre-tax gain of approximately $10 million in that quarter.  In the third quarter of 2015, the Company recorded a pre-tax restructuring charge of $2 million associated with the sale of the plant as described below.  Additionally, the Company could incur pension-related charges in the first half of 2016 related to the plant sale.  Such charges, if any, are not expected to be significant.