Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

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. The businesses were sold in December 2011 for cash proceeds of $36.4 million and a note receivable of $2.2 million, which was collected during the second quarter of 2012, resulting in a pre-tax gain on sale of approximately $10.3 million. The purchase agreement also includes up to $2.5 million of additional contingent consideration, based on achievement of certain levels of future financial performance in 2012 and 2013.

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,
	2012		2011			2012		2011
	(dollars in thousands)
Net sales	$	—	$	11,930		$	—	$	34,670
Income from discontinued operations before income tax expense	$	—	$	2,050		$	—	$	5,450
Income tax expense	—		(760		)	—		(2,020		)
Income from discontinued operations, net of income tax expense	$	—	$	1,290		$	—	$	3,430