DIVESTITURES

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES

DIVESTITURES

On May 9, 2019, the Company sold its Texel Geosol, Inc. ("Geosol") business, a subsidiary of the Company's Texel Technical Materials, Inc. ("Texel") business, for a cash purchase price of $3.0 million. Under the terms of the arrangement, $0.4 million of the total purchase price was withheld and is to be paid to the Company in three annual payments of approximately $0.1 million. The disposition was completed pursuant to a Sale Agreement, dated May 9, 2019, by and between the Company, and the third-party buyer. The Company recognized a pre-tax gain of $1.5 million on the sale, which was reported as non-operating income for the period ended June 30, 2019 ($1.3 million net of income taxes).

The Company did not report Geosol as a discontinued operation since it was not considered a strategic shift in the Company's business. Accordingly, the operating results of Geosol are included in the operating results of the Company through the sale date and in the comparable periods.