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Commitments and Contingencies
9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies

Product Warranties

The Company provides product warranties in connection with the sale of certain products. From time to time, the Company is subject to customer claims with respect to product warranties. The Company accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, historical experience and other related information known to the Company. Liabilities related to product warranties and extended warranties were not material as of September 30, 2018 and December 31, 2017.

Pending Acquisition

On September 19, 2018, the Company and one of its wholly owned subsidiaries (collectively, the "Purchaser") entered into a Sale and Purchase Agreement (the "SPA") with AGIC Gripper (Netherlands) B.V. (“AGIC”), HDX S.À.R.L. (“HDX”), Asia-Germany Industry 4.0 Promotion Cross-Border Fund I L.P., Xenon Private Equity V Limited Partnership and certain other sellers named therein (collectively with AGIC and HDX, the “Sellers”) to acquire 100% of privately held Gimatic S.r.l. ("Gimatic") and a related holding company that owns a minority interest in Gimatic (the "Acquisition"). Gimatic designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components. Gimatic operates in end markets that include automotive, packaging, healthcare, and food and beverage. Headquartered in Brescia, Italy, Gimatic has a sales network extending across Europe, North America and Asia. Gimatic will operate within the Company's Industrial segment. The transaction is anticipated to close in the fourth quarter of 2018.

The purchase price payable by the Purchaser to the Sellers at the closing of the Acquisition (the “Closing”) pursuant to the terms of the SPA is 370,000 Euros in cash, subject to specified adjustments, and in particular such amount will be (i) increased or decreased based on the net working capital of the Company and its subsidiaries at the Closing relative to an agreed target working capital amount, (ii) decreased by the amount of any indebtedness, certain other debt-like items and certain transaction expenses of Gimatic and its subsidiaries, in each case as of the Closing, and (iii) increased by the amount of cash and cash equivalents held by Gimatic and its subsidiaries as of the Closing, in each case as further set forth in the SPA. The Company expects to fund the purchase price from cash on hand and additional borrowings under the Company’s existing credit facility, including by utilizing an additional $150,000 by accessing the accordion feature provided for in such facility (see Note 8).