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Acquisitions
9 Months Ended
Aug. 31, 2013
Business Combinations [Abstract]  
ACQUISITIONS
ACQUISITIONS

On May 31, 2013, we purchased the assets of Wuhan Asia-Pacific Condiments Co. Ltd. (WAPC), a privately held company based in China, for approximately $146.7 million, subject to certain closing adjustments and financed with a combination of cash and debt. Of the total purchase price, $130.0 million was paid by the end of the third quarter 2013, and the remaining balance of $16.7 million is included in other accrued liabilities in the balance sheet and is payable upon attaining certain post-closing conditions. WAPC manufactures and markets DaQiao and ChuShiLe brand bouillon products, which have a leading position in the central region of China and is included in our consumer business segment. At the time of acquisition, annual sales of WAPC were approximately $122 million. As of August 31, 2013, a preliminary valuation of the assets of WAPC resulted in $31.1 million allocated to tangible net assets, $37.7 million allocated to other intangible assets and $77.9 million allocated to goodwill. WAPC added $26.7 million to sales during the third quarter of 2013. It had a neutral impact on net income, with integration and financing costs offsetting operating profit from the business.
During the nine months ended August 31, 2013, we recorded $4.1 million in transaction-related expenses associated with the WAPC acquisition. Proforma financial information for this acquisition has not been presented because the financial impact is not material.