NOTE 3. ACQUISITIONS AND DISPOSITIONS

Acquisitions For the years ended August 31, 2012 and 2010, the Company did not have any material business acquisitions.

During the fourth quarter of 2011, the Company completed the purchase of G.A.M. Steel Pty. Ltd., based in Melbourne, Australia (“G.A.M.”) for $48.4 million. G.A.M. is a leading distributor and processor of steel long products and plate, servicing the structural fabrication, rural and manufacturing segments in the state of Victoria. The acquisition of G.A.M. complements the Company’s existing national long products distribution investments in Australia.

The following is a summary of the allocation of the total purchase price, as of the date of acquisition:



(in thousands)	Total
Accounts receivable	$	16,758
Inventories	21,574
Other current assets	146
Property, plant and equipment	8,229
Goodwill	5,047
Intangible assets	4,708
Other assets	1,566
Liabilities	(9,642		)
Net assets acquired	$	48,386

The intangible assets acquired include customer bases and trade names which are being amortized over seven years.

Dispositions During the first quarter of 2012, the Company completed the sale of two properties that were previously joist and deck locations included in discontinued operations in the statement of operations.

Effective June 1, 2012, the Company completed the sale of all of the outstanding shares of our steel pipe manufacturing operation in Croatia ("CMCS") for $30.6 million, of which $3.1 million will be paid when certain conditions are met. As part of the share sale, certain assets were excluded from the transaction. On June 13, 2012, the Company completed the sale of a portion of the excluded assets for $6.7 million. In the fourth quarter of 2012, the Company recorded a $13.8 million pre-tax gain for these transactions, including a foreign currency translation gain of $7.5 million. During 2012 all amounts related to CMCS are included in discontinued operations in the statement of operations The remaining CMCS assets excluded from these transactions were sold on September 21, 2012 for $3.9 million with no impact to the statement of operations.

The Company sold the rebar fabrication shop in Rosslau, Germany for $11.3 million which resulted in a fourth quarter loss of $3.8 million included in continuing operations on the statement of operations.

During the first quarter of 2011, Construction Services, a division of a subsidiary of the Company, completed the sale of heavy forming and shoring equipment for $35 million included in continued operations in the statement of operations. During 2011, the Company completed the sale of the majority of the joist assets resulting in a gain of $1.9 million included in discontinued operations in the statement of operations.

During 2010, the Company completed the sale of the majority of the deck assets resulting in a gain of $2.6 million and LIFO income of $1.9 million from the liquidation of the LIFO reserve included in discontinued operations in the statement of operations.