Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 30, 2011

Discontinued Operations and Assets held for Sale [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations and Assets Held for Sale

During the third quarter of 2011, the Company committed to a plan to exit its precision tool cutting and specialty fittings lines of business, both of which were part of the Engineered Components reportable segment, marketing each line of business for sale.

During the fourth quarter of 2009, the Company committed to a plan to exit its medical device line of business which was part of the Engineered Components reportable segment. The business was sold in May 2010 for cash proceeds of $2.0 million, which approximated the net book value of the assets and liabilities sold.

During the fourth quarter of 2007, the Company committed to a plan to exit its property management line of business. The sale was completed in April 2010 for cash proceeds of $13.0 million, resulting in a pre-tax gain on sale of approximately $10.1 million during the second quarter of 2010.

The results of the aforementioned businesses are reported as discontinued operations for all periods presented. Results of discontinued operations are summarized as follows:

	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
	(dollars in thousands)
Net sales	$	11,930		$	10,150		$	34,670		$	30,710
Income from discontinued operations before income tax expense	$	2,050		$	1,190		$	5,450		$	13,060
Income tax expense	(760		)	(420		)	(2,020		)	(4,780		)
Income from discontinued operations, net of income tax expense	$	1,290		$	770		$	3,430		$	8,280

Assets and liabilities of the discontinued operations are summarized as follows:

	September 30, 2011		December 31, 2010
	(dollars in thousands)
Receivables, net	$	7,470	$	5,660
Inventories	5,780		5,320
Prepaid expenses and other assets	1,230		1,160
Property and equipment, net	18,370		18,220
Total assets	$	32,850	$	30,360
Accounts payable	3,990		3,910
Accrued liabilities and other	1,480		1,800
Total liabilities	$	5,470	$	5,710