Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events

Subsequent Events

Footnote 15 — Subsequent Events

On July 1, 2011, the Company entered into an agreement and sold its hand torch and solder business to Worthington for preliminary cash consideration of $51.0 million, which includes $8.0 million to be held in escrow. The cash consideration is subject to adjustment based on a determination of net working capital transferred to Worthington. The cash consideration transferred to the Company contemplated settlement of all claims involving the Company's litigation with Worthington referenced in Footnote 14.

In connection with the sale of the business, the Company transferred net assets with a carrying value of approximately $11.1 million to Worthington, representing property, plant and equipment, certain intangible assets, and net working capital. The Company retained approximately $13.0 million of accounts receivable associated with the hand torch and solder business that resulted from sales prior to July 1, 2011.