|12 Months Ended|
Sep. 30, 2015
|Business Combinations [Abstract]|
We completed the acquisition of Coperion on December 1, 2012, in a transaction valued at $540.7. The aggregate purchase consideration consisted of $269.1 of cash, net of cash acquired, and the assumption of $146.0 of debt and $129.9 of pension liabilities. We utilized $426.3 of borrowings under our revolving credit facility and cash on hand to finance the acquisition, including the repayment of $146.0 of debt outstanding under Coperion’s prior financing arrangements. Based in Stuttgart, Germany, Coperion is a global leader in the manufacture of compounding, extrusion, and material handling equipment used in a broad range of industries, including plastics, chemicals, food processing, and pharmaceutical.
The following table summarizes fair values of the assets acquired and liabilities assumed in the Coperion acquisition:
Final purchase accounting adjustments were made, which increased the accrued pension obligations ($4.3) based on finalization of the actuarial analysis for Coperion’s defined benefit plans. In addition, adjustments were made to increase current liabilities ($2.8) and noncontrolling interests ($1.7) and decrease deferred income taxes ($1.3). Total purchase accounting adjustments increased goodwill by $7.5. These adjustments are reflected in the table above.
Goodwill is not deductible for tax purposes and was allocated entirely to the Process Equipment Group. Fair value amounts assigned to identifiable finite-lived intangible assets are being amortized on a straight-line basis over their estimated useful lives. The amounts and useful lives assigned to each asset type at the time of acquisition were:
On October 2, 2015, we completed an acquisition of Abel Pumps LP and Abel GmbH & Co. KG and certain of their affiliates (collectively “Abel”) from Roper Technologies for €95 million in cash. See Note 18 to our consolidated financial statements.
We incurred $3.6 of business acquisition and integration costs during 2015 recorded in operating expenses.
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
Reference 1: http://www.xbrl.org/2003/role/presentationRef