ACQUISITIONS

12 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

On July 9, 2015, the company purchased from Sypris Solutions, Inc. (“Sypris”), a supplier of axle shafts and trailer beams for Meritor and Sistemas Automotrices De Mexico S.A. de C.V., a joint venture that is 50%-owned by Meritor, the majority of the assets of Sypris’s Morganton, North Carolina manufacturing facility for $16 million cash consideration. The fair value of the net assets acquired was $16 million which consisted mainly of property, plant and equipment. Of the equipment acquired, $2 million will be sold rather than held and used and is classified as held for sale at the acquisition date, and is recorded in net property as of September 30, 2015.  The revenue and earnings of the combined entity as though the business combination had occurred as of the beginning of the comparable prior annual reporting period is insignificant to the consolidated financial statements as the majority of sales are eliminated upon consolidation.