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Acquisition
 9 Months Ended
Sep. 30, 2013
Business Combinations [Abstract]  
Acquisition
7) Acquisition

On March 12, 2013, the Company acquired Alter Power Systems S.r.l. (“Alter”), located in Reggio Emilia, Italy. The aggregate purchase price, net of cash acquired and after final debt and working capital adjustments was $2,426. Total cash paid as of June 30, 2013, net of cash acquired of $21 was $2,058. During June 2013, one of two holdback provisions was met and the Company released $123. The Company will pay the remaining $368 subject to a final holdback provision being met. Alter develops advanced microwave power generators, components and systems for industrial microwave heating, microwave plasma coating and semiconductor applications. This acquisition strengthens the Company’s existing microwave plasma expertise and product portfolio, and extends its opportunity into high growth, non-plasma microwave applications for industrial processes, food and beverage manufacturing and other markets.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of the acquisition:

 

Current assets

    $ 1,053   

Property and equipment

      211   

Intangible assets

      2,806   

Other assets

      67   
  

 

 

  

Total assets acquired

      4,137   

Debt (Note 11)

      770   

Deferred taxes and other liabilities

      920   
  

 

 

  

Total liabilities assumed

      1,690   

Total purchase price

      2,447   

Cash acquired

      (21 ) 
  

 

 

  

Total purchase price, net of cash acquired

    $ 2,426   
  

 

 

  

 

The intangible assets associated with the acquisition are not deductible for tax purposes. The following table reflects the allocation of the acquired intangible assets and related estimates of useful lives. These acquired intangibles will be amortized on a straight-line basis.

 

Current developed technology

    $ 2,208       9 year useful life

Trademarks and trade names

      598       3 year useful life
  

 

 

     
   $ 2,806      
  

 

 

     

The results of this acquisition were included in the Company’s consolidated operations beginning on March 12, 2013. The pro forma consolidated statements reflecting the operating results of Alter, had it been acquired as of January 1, 2013, would not differ materially from the operating results of the Company as reported for the quarter ended March 31, 2013. Alter is included in the Company’s Power and Reactive Gas Products group and the Advanced Manufacturing Capital Equipment reportable segment.