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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2021
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

19.    SUBSEQUENT EVENTS

Acquisition

On November 2, 2021, the Company acquired 100% of the outstanding stock of ORMEC Systems Corp. (“ORMEC”), a New York developer and manufacturer of mission critical electro-mechanical automation solutions and motion control products including multi-axis controls, electronic drives and actuators for the automation and aerospace industries. In addition to its products, ORMEC designs and manufactures complete electro-mechanical and software solutions for custom automation applications. ORMEC strengthens the Company’s technical expertise and adds a higher level of precision motion control systems and solutions to our offerings.

The purchase price was approximately $9,000, comprised of $8,615 in cash and $385 in Company stock (10,685 shares at $36.07 closing stock price on November 1, 2021). The purchase price is subject to adjustments based on a determination of closing net working capital. The Company expects to determine the preliminary purchase price allocation during the fourth quarter of 2021.