ACQUISITION

3 Months Ended

Mar. 31, 2017

ACQUISITION

ACQUISITION

2.ACQUISITION

On January 12, 2016, the Company completed the acquisition of Heidrive GmbH, a German limited liability company (“Heidrive”) from palero fünf S.à r.l  for $18,534 (€17,068).  The purchase price was funded with cash of $8,470 (€7,800) plus $10,859 (€10,000) of borrowings under the Company’s foreign revolving credit facility.

Heidrive is headquartered in Kelheim, Germany, and has manufacturing facilities located in Germany and the Czech Republic.

The purchase price allocation was finalized during the first quarter of 2017.  No adjustments were made during the first quarter 2017.