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Subsequent Event
3 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Event

O. Subsequent Event

On January 30, 2019, the Company entered into a Stock Purchase Agreement to sell its Specialty Fluids business to Sinomine (Hong Kong) Rare Metals Resources Co. Limited, a wholly owned subsidiary of Sinomine Resource Group Co., Ltd. (“Sinomine”), on a cash-free and debt-free basis in a transaction valued at $135 million. The purchase price consists of $130 million to be paid at closing, subject to customary closing adjustments (including a customary working capital adjustment), and additional cash royalties of up to $5 million for lithium products, payable over a ten-year period.

The transaction is expected to close in the third quarter of fiscal 2019 and is subject to customary closing conditions, including, among other things, the receipt of certain regulatory approvals and notices with respect to the People’s Republic of China and Canada and the consent from the shareholders of Sinomine to the entry into the Agreement and the consummation of the transactions contemplated thereby.

Based on the carrying value of the Specialty Fluids business as of December 31, 2018 and an estimate of the total cash proceeds from the sale including customary closing adjustments, the Company estimates a non-cash impairment charge of approximately $25 million to be recorded in the second quarter of fiscal 2019 related to the assets held for sale of this business.