XML 33 R20.htm IDEA: XBRL DOCUMENT v3.25.3
Acquisitions
 9 Months Ended
Sep. 26, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On November 4, 2024, the Company acquired Corob for €230 million in cash, subject to normal post-closing purchase price adjustments, with up to €30 million in additional contingent consideration. As of September 26, 2025, the purchase price allocation remains preliminary as the Company completes its assessment, principally related to income taxes.

The total purchase consideration consisted of the following (in thousands):
Cash paid$276,188 
Contingent consideration14,498 
Total purchase consideration$290,686 

Preliminary purchase consideration was allocated to assets acquired and liabilities assumed based on estimated fair values as follows (in thousands):
Cash and cash equivalents$30,899 
Accounts receivable28,120 
Inventories26,119 
Other current assets18,515 
Property, plant and equipment16,619 
Other non-current assets5,854 
Identifiable intangible assets131,240 
Goodwill127,252 
Current liabilities(52,968)
Deferred income taxes, net(33,474)
Other non-current liabilities(7,490)
Total net assets acquired$290,686 

Goodwill recognized from the Corob acquisition primarily reflects an intangible asset that does not qualify for separate recognition. None of the goodwill acquired with Corob is deductible for tax purposes.

Identifiable intangible assets and estimated useful life are as follows (in thousands):
Estimated Life (years)
Trade name$32,458 Indefinite
Customer relationship76,169 15
Developed technology20,557 10
Backlog2,056 0.5
Total identifiable intangibles assets$131,240 
The following unaudited pro forma information provides the results of operations for the periods ended September 26, 2025 and September 27, 2024, as if the acquisition of Corob had been completed at the beginning of fiscal year 2023 (in thousands, except per share amounts):
Three Months EndedNine Months Ended
September 26,
2025		September 27,
2024		September 26,
2025		September 27,
2024
Net sales$543,358 $547,548 $1,643,448 $1,660,820 
Net earnings137,628 121,935 390,887 379,689 
Earnings per share
Basic$0.83 $0.72 $2.34 $2.25 
Diluted$0.82 $0.71 $2.30 $2.20 

Unaudited pro forma information has been provided for comparative purposes only and the information does not necessarily reflect what the combined company's results of operations would have been had the Corob acquisition occurred at the beginning of 2023. It also may not be useful in predicting the future results of operations of the combined company.

The Company completed another acquisition in 2024 that was not material to the consolidated financial statements.
In the third quarter of 2025, the Company completed the acquisition of Color Service s.r.l. for approximately $77 million of purchase consideration, and its results have been included within the Powder Division in the Industrial Segment.