Acquisition

9 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Acquisition

Acquisition

On February 28, 2017, the Company acquired substantially all of the assets of Puris LLC (“Puris”), for a cash purchase price of $35.3 million. The acquisition provides the Company with immediate entry into the rapidly growing titanium powder market, an expanded presence in additive manufacturing and strengthens the Company’s capabilities as a solutions provider for customers across its end-use markets.  As of March 31, 2017, the Company performed a preliminary purchase price allocation that resulted in an allocation of $7.5 million to property and equipment, $1.7 million to net working capital and $26.1 million to goodwill. The purchase price allocation was based on a preliminary valuation analysis due to the timing of the acquisition. The final purchase price allocation may change in future reporting periods upon finalization of the valuation analysis, which the Company expects to occur in the fourth quarter of fiscal year 2017.