SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENT

Subsequent Event

On April 10, 2018 the Company acquired Nicotra Gebhardt S.p.A. (“NG”) for a preliminary purchase price of $154 million. NG is headquartered in Italy and has manufacturing facilities in Europe and Asia. With annual revenues of approximately $150 million, NG is a leader in critical, energy-efficient systems for ventilation and air quality. NG manufactures, sells and services fans and blowers under the industry leading brands of Nicotra and Gebhardt. The Company purchased NG because management believes NG will expand the Company's energy-efficient solutions for its customers. The financial results of NG will be included in the Company’s Commercial & Industrial Systems segment. The purchase of NG was funded with available cash and borrowings of approximately $88 million under the Company’s Multicurrency Revolving Facility. The purchase price allocation is not disclosed as the initial accounting is incomplete as of the filing date.