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Sale of Business
12 Months Ended
Dec. 31, 2018
Sale of Business.  
Sale of Business

(5) Sale of Business

 

Gain on Sale of China Operating Subsidiary

 

On September 22, 2015, the Company signed an agreement to sell an operating subsidiary in China that was dedicated to the production of non-core products. The sale was finalized in the second quarter of 2016, and the Company received proceeds of $8.4 million from the sale as of the fourth quarter of 2016. The Company recognized a pre-tax gain of $8.7 million, which includes a non-cash accumulated currency translation adjustment of $7.3 million. The net after-tax gain was approximately $8.3 million.