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Acquisition
9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Acquisition
Acquisition

On July 23, 2018, the Company acquired Industrial Gas Springs Group Holdings Limited (“IGS”), a recognized designer, manufacturer and supplier of customized gas springs. IGS is headquartered in the United Kingdom, with distribution and assembly capabilities in the United States. Its diversified end markets include general industrial, transportation, aerospace, and medical, among others. The Company acquired IGS for an aggregate purchase price of 29,138 British pound sterling ($38,017) which includes post closing adjustments under the terms of the Share Purchase Agreement including 2,820 British pound sterling ($3,679) related to cash acquired. The Company paid 26,454 British pound sterling ($34,515) in cash, using cash on hand and borrowings under the Company's revolving credit facility, and recorded a liability of 2,684 British pound sterling ($3,502) related to the post closing adjustments. This liability is recorded within accrued liabilities within the Consolidated Balance Sheet as of September 30, 2018. In connection with the acquisition, the Company recorded $14,228 of goodwill and $15,300 of intangible assets. See Note 7 to the Consolidated Financial Statements.

During the nine months ended September 30, 2018, the Company incurred $828 of acquisition-related costs related to the IGS acquisition. These costs include due diligence costs and transaction costs to complete the acquisition and have been recognized in the Consolidated Statements of Income as selling and administrative expenses.

The operating results of IGS have been included in the Consolidated Statements of Income since the date of acquisition. The Company reported $2,874 in net sales for the period from the acquisition date through September 30, 2018. IGS results have been included within the Industrial segment's operating profit.