Acquisitions, Divestitures and Other Significant Transactions

9 Months Ended

Jul. 31, 2012

Acquisitions, Divestitures and Other Significant Transactions [Abstract]

ACQUISITIONS, DIVESTITURES AND OTHER SIGNIFICANT TRANSACTIONS

NOTE 2 — ACQUISITIONS, DIVESTITURES AND OTHER SIGNIFICANT TRANSACTIONS

The Company completed no acquisitions and no material divestitures for the three months ended July 31, 2012 and completed two acquisitions for an aggregate purchase price, net of cash of $157.2 million and completed no material divestitures for the three months ended July 31, 2011. The Company completed no acquisitions and no material divestitures for the nine months ended July 31, 2012 and completed five acquisitions for an aggregate purchase price, net of cash of $185.7 million and completed no material divestitures for the nine months ended July 31, 2011. The Company made a $14.3 million deferred cash payment during the nine months ended July 31, 2012 for an acquisition completed in fiscal year 2010. The following table presents a summary of the purchase price allocation for acquisition activity for 2012 and 2011, respectively, as of July 31, 2012 (Dollars in millions):

	# of Acquisitions		Purchase Price, net of cash		Tangible Assets,  net		Intangible Assets		Goodwill
Total year to date 2012 Acquisitions		0	$	0	$	0	$	0	$	0
Total fiscal year 2011 Acquisitions		8	$	344.9	$	100.1	$	77.7	$	290.0

Note: Purchase price, net of cash acquired, represents cash paid in the period of each acquisition and does not include assumed debt, subsequent payments for deferred purchase adjustments or earn-out provisions.

During 2011, the Company completed eight acquisitions, all in the Rigid Industrial Packaging & Services segment, as follows: three European companies acquired in February, July and August, respectively; two joint ventures, one in each of North America and Asia Pacific entered into in February and August, respectively; one Middle Eastern company acquired in May; the acquisition of the remaining outstanding minority shares from a 2008 acquisition in South America; and the acquisition of additional shares of a consolidated subsidiary in North America in October.

The Company has allocated purchase price as of the dates of acquisition based upon its understanding, obtained during due diligence and through other sources, of the fair value of the acquired assets and assumed liabilities. If additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), including through asset appraisals and learning more about the newly acquired business, the Company may refine its estimates of fair value to allocate the purchase price more accurately; however, any such revisions are not expected to be significant.

Pro Forma Information

In accordance with ASU 2010-29, “Disclosure of Supplementary Pro Forma Information for Business Combinations,” the Company has considered the effect of the 2012 and 2011 acquisitions in the consolidated statements of operations for each period presented. The revenue and operating profit of the 2011 acquisitions included in the Company’s consolidated results totaled $115.5 million and $3.9 million for the three months ended July 31, 2012, and $328.3 million and $6.4 million for the nine months ended July 31, 2012. The revenue and operating profit of the 2011 acquisitions included in the Company’s consolidated results totaled $18.8 million and $2.4 million for the three months ended July 31, 2011, and $21.3 million and $3.2 million for the nine months ended July 31, 2011. All of the 2011 acquisitions involved companies not listed on a stock exchange or not otherwise publicly traded and not required to publicly provide their financial information. Therefore, pro forma results of operations are not presented.

The Company’s 2011 acquisitions were made to obtain technologies, patents, equipment, customer lists and access to markets. All of the 2011 acquisitions were of companies not listed on a stock exchange or not otherwise publicly traded or not required to provide public financial information.