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Subsequent Events
12 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

14.  Subsequent Events

On November 6, 2015, the Company’s Board of Director authorized it to repurchase up to an additional $20.0 million of the Company’s outstanding stock in open-market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, tender offers or by any combination of such methods. With this authorization, the Company may currently repurchase up to $30.0 million of its outstanding stock. The authorization has no fixed expiration date.

On November 20, 2015, the Company acquired 100% of the outstanding common shares and voting shares of Creagh located in Ballinasloe, Ireland. The results of Creagh’s operations will be included in the Company’s consolidated financial statements as of the Creagh acquisition date.  The acquisition was financed with cash on hand. The Company acquired Creagh for up to €30 million ($32.1 million), including an upfront payment of €18 million ($19.3 million), and up to €12 million ($12.8 million) based on achievement of revenue and value-creating operational milestones through September 30, 2018. The payment of the milestones will occur in the quarter ending December 31, 2018.

Creagh is a provider of innovative, efficient and cost-effective design and manufacture of high-quality PTA balloon catheters.  Since 2006, Creagh has grown its technical and product capability with PTA products approved throughout the world, including Europe, the United States, and Japan. With these resources, the Company is uniquely positioned to offer a total solutions approach from product design and development, through in-house extrusion, balloon forming, top-assembly, packaging and regulatory capabilities to approved products for exclusive distribution.  The acquisition is a major step forward in the Company’s strategy to transform its Medical Device segment from being a provider of coatings technologies, to offering whole-product solutions to medical device customers in the large and growing global interventional vascular market.  

The Company has excluded the purchase price allocations and pro forma disclosures for the Creagh acquisition as the initial accounting is currently incomplete.  The Company is currently in the process of obtaining an initial valuation related to the acquired assets and liabilities.

On November 20, 2015, the Company’s credit facility was amended and modified to increase the size of stock repurchases that can be effected by the Company by $20.0 million.