Business Acquisitions

6 Months Ended

Jun. 30, 2012

Business Acquisitions [Abstract]

Business Acquisitions Disclosure [Text Block]

Note 2— Business Acquisitions

During the second quarter of 2012, theCompany completed the acquisition of the majority of the net assets of TayMac Corporation (“TayMac”) for $42.1million, net of cash received. TayMac designs and sells enclosures and boxes. This acquisition has been added to the Electrical segment.

This acquisition has been accounted for as a business combination and has resulted in the recognition of intangible assets of $18.4 million and goodwill of $15.8 million.

Tangible assets acquired	$	10.7
Intangible assets		18.4
Goodwill		15.8
Liabilities assumed		(2.8)
Total cash consideration	$	42.1

The $18.4 million of intangible assets consists primarily of customer relationships, patents and tradenames that are expected to be amortized over periods ranging between 15 and 20 years. The goodwill relates to a number of factors built into the purchase price, including the future earnings and cash flow potential of the business as well as the complementary strategic fit and resulting synergies it brings to the Company's existing operations. All of the goodwill is expected to be deductible for tax purposes.

During the first quarter of 2012 the Company completed the acquisition of Cableform Inc. (“Cableform”) for $10.9 million, net of cash received. Cableform designs and manufactures motor controls principally for the steel and mining industries.The acquisition has been added to the Electrical segment and has resulted in the recognition of intangible assets of $4.5 million and goodwill of $4.5 million.The $4.5 million of intangible assets consists primarily of customer relationships and tradenames that are expected to be amortized over 20 years. None of the goodwill is expected to be deductible for tax purposes.

The Condensed Consolidated Financial Statements include the results of operations of the acquired businesses from their respective dates of acquisition. Net sales and earnings related to these acquisitions for the three and six months ended June 30, 2012 were not significant to the consolidated results. Pro forma information related to these acquisitions has not been included because the impact to the Company's consolidated results of operations was not material.