ACQUISITIONS AND DIVESTITURES

3 Months Ended

Mar. 30, 2019

The results of operations of acquired businesses are included in the Condensed Consolidated Financial Statements from the date of acquisition. There were no acquisition and acquisition related expenses for the three months ended March 30, 2019 and March 31, 2018, respectively.

2018 Acquisitions

Nicotra Gebhardt

On April 10, 2018, the Company acquired Nicotra Gebhardt S.p.A ("NG") for $161.5 million in cash, net of $8.5 million of cash acquired. 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 financial results of NG have been included in the Company's Commercial & Industrial Systems segment from the date of acquisition.

The following table summarizes the fair value of assets acquired and liabilities assumed (in millions):



	As of April 10, 2018
Other Current Assets	$	17.2
Trade Receivables	28.0
Inventories	22.1
Property, Plant and Equipment	44.6
Intangible Assets	37.8
Goodwill	58.7
Other Noncurrent Assets	2.5
Total Assets Acquired	210.9
Accounts Payable	16.7
Current Liabilities Assumed	14.2
Long-Term Liabilities Assumed	10.0
Net Assets Acquired	$	170.0

Other Disclosures

The Condensed Consolidated Statements of Income include the results of operations of NG since the date of acquisition, and such results are reflected in the Commercial and Industrial Systems segment. Results of operations since the date of acquisition and supplemental pro forma financial information have not been presented for the NG acquisition as such information is not material to the results of operations. No adjustments were made since the filing of the Company's 10-K on February 26, 2019.

South Africa

During the third quarter of fiscal year 2018 the Company purchased the remaining shares owned by the joint venture partner in a South African distribution business for a purchase price of $0.8 million. The purchase price of the South African distribution business is reflected as a component of equity.

2019 Divestitures

Regal Drive Technologies

On January 7, 2019, the Company sold its Regal Drive Technologies business and received proceeds of $119.4 million subject to customary finalization. Regal Drive Technologies was included in the Company's Commercial and Industrial Systems segment and considered a non-core business. The Company recognized a gain on sale of $41.2 million in the Condensed Consolidated Statements of Income.