XML 39 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 19 – SUBSEQUENT EVENTS

On May 1, 2018, the Company announced it has acquired 100% of Reboul from Vacheron Industries SAS.  Reboul is a leading provider of high-quality metal components, metal-plastic subassemblies, next generation lipstick mechanisms, and complete color cosmetic packaging solutions.

Under the terms of the agreement, the Company will acquire Reboul for an enterprise value of €14 million (approximately $17 million) in cash less the amount of net debt assumed at the closing date.  The agreement also provides an earn-out provision based on Reboul’s 2018 financial results, which could increase the enterprise value to a maximum of €23 million (approximately $28 million).  The purchase will be funded with available cash on hand.  For the quarter ended March 31, 2018, we recognized $0.5 million in transaction costs related to the agreement.  These costs are reflected in the selling, research & development and administrative section of the Condensed Consolidated Statements of Income.  The Company also provided €3 million ($3.7 million) cash in escrow, which has been presented as restricted cash on the Consolidated Statements of Cash Flows for the three months ended March 31, 2018.