Business Acquisitions

3 Months Ended

Mar. 31, 2013

Business Acquisitions [Abstract]

Business Acquisitions Disclosure [Text Block]

Note 2— Business Acquisitions

During the first quarter of 2013, the Company completed the acquisition of the majority of the net assets of Continental Industries, Inc. (“Continental”) for $37.5 million, net of cash received. Continental produces high quality exothermic welding and connector products. This acquisition has been added to the Electrical segment and has resulted in the recognition of intangible assets of $10.9 million and goodwill of $19.3 million. The $10.9 million of intangible assets consists primarily of customer relationships andtradenamesthat will be amortized over a weighted average period of approximately 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 businesses 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.

The Condensed Consolidated Financial Statements include the results of operations of Continental from the date of acquisition. Net sales and earnings related to this acquisition for thethree months ended March 31, 2013 were not significant to the consolidated results. Pro forma information related to this acquisition has not been included because the impact to the Company's consolidated results of operations was not material.