Discontinued Operations Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

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

Discontinued Operations

On December 20, 2019, the Company completed the sale of Lamons to two wholly-owned subsidiaries of an investment fund sponsored by First Reserve, pursuant to an Asset and Stock Purchase Agreement dated as of November 1, 2019 (the “Purchase Agreement”), for a purchase price of $135 million, subject to certain adjustments as set forth in the Purchase Agreement. The purchase price was finalized in the first quarter of 2020 and resulted in a $1.8 million payment to the Company.

The Company's historical results for Lamons are shown in the accompanying consolidated statement of operations as a discontinued operation. Results of discontinued operations are summarized as follows (dollars in thousands):

	Three months ended September 30,		Nine months ended September 30,
	2019		2019
Net sales	$	48,420	$	144,880
Cost of sales	(36,170)		(108,040)
Gross profit	12,250		36,840
Selling, general and administrative expenses	(7,130)		(21,620)
Operating profit	5,120		15,220
Other income, net	10		30
Income from discontinued operations, before income taxes	5,130		15,250
Income tax expense	(1,260)		(3,540)
Income from discontinued operations, net of tax	$	3,870	$	11,710