Subsequent Event Subsequent Events (Notes)

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

In November 2019, the Company entered into a definitive agreement to sell its Lamons business to First Reserve, a private equity firm focused on energy investing, for approximately $135 million in cash, subject to customary working capital and purchase price adjustments. Lamons, a leading provider of industrial sealing and fastener solutions in the petrochemical, petroleum refining, midstream energy transportation, upstream oil and gas, metropolitan water and wastewater management end markets, is currently part of the Company's Specialty Products reportable segment and generated approximately $186 million in net sales for the twelve months ended September 30, 2019.

In November 2019, the Company announced that its Board of Directors increased the Company’s common stock share repurchase authorization to $150 million in the aggregate of the Company's common stock. The previous authorization, approved in February 2019, authorized up to $75 million in share repurchases. The increased authorization includes the value of shares already purchased under the previous authorization.