Discontinued Operations

12 Months Ended

Dec. 31, 2012

Text Block [Abstract]

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 $44.8 million, of which $0.9 million and $0.5 million were recorded in the third and fourth quarters, respectively, resulting in an after tax gain of $14.5 million. As a result, the 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 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 years ended December 31, 2012, 2011 and 2010 were as follows:

(in thousands) For year ended December 31,	2012			2011			2010
Net Sales	$	25,544		$	45,498		$	38,506
Income from discontinued operations before income taxes	$	3,777		$	5,693		$	1,862
Provision for income taxes	(1,321		)	(1,993		)	(652		)
Income from discontinued operations, net of income taxes	$	2,456		$	3,700		$	1,210