Equipment Held for Sale

9 Months Ended

Sep. 30, 2016

Equipment Held for Sale [Abstract]

EQUIPMENT HELD FOR SALE

NOTE 5 – EQUIPMENT HELD FOR SALE

The Company measures long-lived assets to be disposed of by sale at the lower of carrying amount or fair value, less associated costs to sell these assets.  The assets held for sale are no longer subject to depreciation as they are not used in operations. As of September 30, 2016, the Company committed to a plan to sell certain manufacturing equipment that was previously used in forged rolled rings and related components segment and petroleum and chemical equipment segment and reflected as equipment held for sale on the accompanying consolidated balance sheets. Although the Company is actively seeking and negotiating with potential buyers, the Company can give no assurances that the sale process will be successful and, if it were successful, there is no assurance as to the amount or timing of any potential proceeds.