Acquisition

9 Months Ended

Oct. 01, 2011

Acquisition [Abstract]

Acquisition [Text Block]

Note 10 – Acquisition

On August 16, 2012, the Company acquired 100 percent of the outstanding stock of Westermeyer Industries, Inc.  (Westermeyer) for approximately $11.5 million in cash.  Westermeyer, located in Bluffs, Illinois, designs, manufactures, and distributes high-pressure components and accessories for the air-conditioning and refrigeration markets.  The acquisition of Westermeyer complements the Company's existing refrigeration business, a component of the OEM segment.  This acquisition was accounted for using the purchase method of accounting, and, as such the results of operations for Westermeyer have been included in the accompanying Condensed Consolidated Financial Statements from the acquisition date.  The fair values of the assets acquired totaled $7.5 million, consisting of receivables of $2.0 million, inventories of $1.9 million, and property, plant, and equipment of $3.6 million. These assets were partially offset by current liabilities of approximately $1.0 million.  Of the remaining purchase price, $2.4 million was allocated to goodwill and $2.7 million to other intangible assets.