Acquisition

6 Months Ended

Jun. 29, 2013

Business Combinations [Abstract]

Acquisition

2. Acquisition

On May 17, 2013, we acquired certain assets and assumed certain liabilities of a remanufacturer of automotive parts primarily to expand our product portfolio. The purchase price was approximately $3.7 million, comprised of $1.9 million in cash and $1.8 million of estimated contingent payments to the former owner. The contingent payment arrangement is based upon future earnings levels of the acquired business. In connection with this acquisition, we preliminarily recorded $3.6 million in goodwill and other intangible assets pending a final valuation of the assets and liabilities. All of the goodwill resulting from the asset purchase is expected to be deductible for tax purposes. The financial results of the acquisition have been included in the Consolidated Financial Statements since the acquisition date.