Business Combinations

6 Months Ended

Jun. 30, 2017

On June 6, 2017, the Company completed the acquisition of Santa Izabel Agro Industria Ltda. ("Santa Izabel"). Santa Izabel designs, manufactures and markets a variety of agricultural implements and trailers sold throughout Brazil. The acquisition price was approximately $10 million. Revenues and earnings subsequent to the acquisition are immaterial during the second quarter of 2017.

On June 26, 2017, the Company completed the acquisition of Old Dominion Brush Company, Inc. ("Old Dominion"). Old Dominion manufactures and sells replacement brooms for street sweepers and leaf vacuum equipment. The acquisition price was approximately $18 million. There were no revenues or earnings subsequent to the acquisition during the second quarter of 2017.

At the closing date, the Company estimated the value of the intangible assets to be $4.5 million, which are primarily comprised of customer relationships and trade names. This resulted in an allocation to goodwill of $3.0 million, which has been assigned to the Company's Industrial reporting segment. The recognized goodwill is primarily attributable to expected synergies between Old Dominion and the Company's sweeper product line.

Certain estimated values are not yet finalized and are subject to change, which could be significant. The Company will finalize the amounts once the necessary information is obtained and the analysis is complete. The following are the estimated fair value of the assets acquired and liabilities assumed as of the Acquisition date (in thousands):



Accounts receivable	1,690
Inventory	8,563
Property, plant & equipment	959
Intangible assets	4,500
Other liabilities assumed	(1,041	)

Net assets assumed	14,671

Goodwill	3,000
Acquisition Price	17,671