Acquisitions

12 Months Ended

Dec. 31, 2012

Acquisitions [Abstract]

Acquisitions

NOTE 4  ACQUISITIONS

In the fourth quarter of 2011, we acquired Canada-based Intalite, Inc., which operated under the name Simplex, for $4.2 million.  The acquisition, which was financed from existing cash balances, expands our technical capabilities, broadens our specialty ceilings portfolio and improves our service and lead times for customers in North America.  The acquisition was accounted for under the purchase method of accounting.

As of December 31, 2009, we owned 80% of our Shanghai, China ceiling operations.  During the fourth quarter of 2009, we made deposits of $3.3 million to initiate the purchase of the remaining 20% interest.  During the first quarter of 2010, we completed the acquisition with additional cash payments of $7.8 million.  We recorded the difference between the purchase price and the net book value of the net equity acquired within capital in excess of par value.