Business Combinations

12 Months Ended

Dec. 31, 2011

Business Combinations [Abstract]

Business Combinations

Note 3: Business Combinations

Acquisition of Robuschi S.p.A.

On December 15, 2011, the Company acquired Robuschi S.p.A. ("Robuschi"), a leading European-based producer of blowers, pumps and compressor packages for use in high value added end markets and wastewater treatment. The Company acquired all outstanding shares and share equivalents of Robuschi for total consideration of $200.8 million, which consisted of payments to shareholders of $151.5 million and the retirement of Robuschi external debt at closing of $49.3 million. The Company also assumed approximately $5.2 million of long-term debt in connection with the purchase. There are no material contingent payments or commitments remaining related to this acquisition.

The following table summarizes the Company's preliminary estimates of the fair values of the assets acquired and liabilities assumed as of the acquisition date:

Cash & cash equivalents	$	6,714
Accounts receivable, net		24,010
Inventories, net		26,355
Property, plant and equipment		14,202
Other current assets		1,602
Identifiable intangible assets		79,270
Goodwill		112,221
Current liabilities		(30,424	)
Long-term deferred income taxes		(27,416	)
Other long-term liabilities		(5,677	)
Noncontrolling interests		(95	)
Aggregate purchase price	$	200,762

The following table summarizes the estimated fair values of the intangible assets acquired in the Robuschi acquisition:

Amortizing intangible assets:
Customer relationships	$	57,380
Product technology		2,337
Other		2,547
Non-amortizing intangible assets:
Trademarks		17,006
Goodwill		112,221
Total intangible assets	$	191,491

The weighted-average amortization periods for customer relationships, product technology and other amortizing intangible assets are 18 years, 17 years and 2.6 years, respectively. All of the goodwill resulting from the Robuschi acquisition was attributed to the Industrial Products Group reportable segment with a substantial majority of this balance expected to be deductible for tax purposes.