Contingent Consideration

6 Months Ended

Jun. 30, 2012

Contingent Consideration

Contingent Consideration

9.Contingent Consideration

The Company acquired Östergrens Elmotor AB (Östergrens), located in Stockholm, Sweden on December 30, 2010.  In conjunction with the acquisition of Östergrens, the Company recorded contingent cash consideration based on the seller meeting certain performance criteria. The Company paid $1,350,000 and $332,000 of the contingent consideration in the quarters ended March 31, 2012 and 2011, respectively. The liability was denominated in Swedish Krona.  The amount paid of $1,350,000, exceeds the amount accrued of $1,313,000 as of December 31, 2011, due to fluctuations in the Swedish Krona against the U.S. dollar.  The consideration paid was based on a multiple of the incremental profit achieved in 2011 over 2010 for certain customer projects.