Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations

Discontinued Operations

On June 19, 2012, the Company sold Azonix Corporation (“Azonix”), which was formerly part of the Controls segment, to Cooper Industries for $43.4 million, resulting in an after tax gain of $14.5 million, of which $0.9 million million was recorded in the third quarter. As a result, the Condensed Consolidated Statement of Operations presents Azonix as a discontinued operation.

On June 28, 2012, the Company sold certain assets and operations of the Company’s valve service center in Houston, Texas, which was formerly part of the Fluid Handling segment, to Furmanite Corporation for $9.3 million, resulting in an after tax gain of $4.6 million. As a result, the Condensed Consolidated Statement of Operations presents the Company’s valve service center in Houston, Texas as a discontinued operation.

The operating results of the discontinued operations for the three and nine months ended September 30, 2012 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2012		2011		2012		2011
Net Sales	$	—	$	12,368	$	25,544	$	33,684
Income from discontinued operations before income taxes	$	—	$	1,826	$	3,777	$	4,343
Provision for income taxes	—		639		1,321		1,520
Income from discontinued operations, net of income taxes	$	—	$	1,187	$	2,456	$	2,823