Acquisition

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Acquisition

10. Acquisition

On January 2, 2015, the Company acquired the assets of Varied Industries Corporation (the “VI-COR Acquisition”), a manufacturer and seller of feed ingredients for cows, beef cattle, poultry and other livestock for cash consideration of $74.9, and a $5.0 payment to be made after one year if certain operating performance is achieved.  The Company financed the acquisition with available cash.  These brands are managed within the Specialty Products Division (“SPD”) segment.

The preliminary fair values of the net assets acquired are set forth as follows:

	Acquisition Date
	Preliminary
VI-COR Acquisition	Fair Value
Inventory and other working capital	$	1.0
Property, plant and equipment and other long-term assets		7.6
Trade Names and other intangibles		41.5
Goodwill		29.4
Purchase Price		79.5
Fair value of contingent payment due in one year		(4.6	)
Cash purchase price as of June 30, 2015	$	74.9

The life of the amortizable intangible assets recognized from the VI-COR Acquisition ranges from 5 - 15 years.  The goodwill is a result of expected synergies from combined operations of the acquisition and the Company. Pro forma results are not presented because the impact is not material to the Company’s consolidated financial results.