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RESTRUCTURING AND IMPAIRMENT CHARGES (CREDITS)
6 Months Ended
Jun. 30, 2011
RESTRUCTURING AND IMPAIRMENT CHARGES (CREDITS)

Note 13 – RESTRUCTURING AND IMPAIRMENT CHARGES (CREDITS)

During the three and six months ended June 30, 2011, the company recorded aggregate restructuring charges (credits) of $0.3 and $(0.3) million, respectively, related to the sale of the cross-linked polyethylene compound (PEX) business within the TempRite business. In the fourth quarter of 2010, the company sold its production facility in Peachtree City, Georgia, along with the related machinery and equipment, technology and know-how used to manufacture the PEX compound, for $15.0 million. The receipt of the full $15.0 million is contingent upon the machinery and equipment functioning as required by the acquirer. Through June 30, 2011, the company received $11.3 million of proceeds, and anticipates recording an additional gain in 2011 of approximately $3.0 million upon the satisfaction of the remaining contingencies.

During the three and six months ended June 30, 2010, the company recorded aggregate restructuring and impairment charges of $0.5 million and $1.4 million, respectively. Restructuring and impairment charges primarily related to the restructuring of the sales and marketing organization within the TempRite business in the engineered polymers product line, along with the discontinuation of a tolling arrangement to manufacture products and the closure of production facilities from previously announced programs within the performance coatings product line of the Lubrizol Advanced Materials segment.