Business Acquisitions (Notes)
|3 Months Ended|
Dec. 31, 2015
|Business Combinations [Abstract]|
|Business Combination Disclosure [Text Block]||
We incurred $1.7 of business acquisition and integration costs during the three months ended December 31, 2015 recorded in operating expenses.
We completed the acquisition of Abel Pumps LP and Abel GmbH & Co. KG and certain of their affiliates (collectively “Abel”) on October 2, 2015 for €95 ($105.7) in cash. We utilized borrowings under our revolving credit facility and term loan (the “Facility”), which provides for revolving loans of up to $700.0 and a term loan in the amount of $180.0, to fund this acquisition. Based in Büchen, Germany, Abel is a globally-recognized leader in positive displacement pumps. Abel specializes in designing, developing and manufacturing piston and piston diaphragm pumps as well as pumping solutions and in providing related parts and service. This equipment is sold under the ABEL® Pump Technology brand into the power generation, wastewater treatment, mining, general industry, and marine markets. The results of Abel are reported in our Process Equipment Group segment.
Based on the preliminary purchase allocation, we recorded goodwill of $35, and $58 of acquired identifiable intangible assets which consisted of $5 of trade names not subject to amortization, $9 of developed technology, $3 of backlog, and $41 of customer relationships. Goodwill is expected to be deductible for tax purposes in Germany. Supplemental proforma information has not been provided as the acquisition did not have a material impact on consolidated results of operations.
On February 1, 2016, we completed the acquisition of Red Valve Company, Inc. (“Red Valve”) for $131.9 in cash, including $3.3 for related real estate.
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