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Business Divestiture | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Business Divestiture | BUSINESS DIVESTITURE On July 25, 2024, the Company entered into a Stock and Asset Purchase Agreement to sell the majority of its Grain & Protein (“G&P”) business, which includes the GSI®, Automated Production® (AP), Cumberland®, Cimbria® and Tecno® brands for a purchase price of $700.0 million, subject to customary working capital and other adjustments. On November 1, 2024, the Company completed the sale of the G&P business to A-AG Holdco Limited, an affiliate of American Industrial Partners. The Company previously classified the G&P business as held for sale as of June 30, 2024. The Company determined the sale of the G&P business did not represent a strategic shift that had or will have a major effect on the consolidated results of operations, and therefore results of this business were not classified as discontinued operations. The Company received net proceeds of $630.7 million on the transaction date, which was subject to the finalization of preliminary working capital and other adjustments, and recognized a loss on the sale of business of $507.3 million. The loss on sale of business included $93.6 million of cumulative translation adjustment losses representing amounts previously recorded in accumulated other comprehensive loss. In May 2025, the preliminary working capital and other adjustments were finalized resulting in an additional loss of $12.3 million which is included within “Loss on sale of business” in the Company's Condensed Consolidated Statements of Operations. The proceeds from the sale were used to repay the Term Loan Facility and reduce borrowings under the Credit Facility in 2024. Refer to Note 9 for further information. The major categories of divested assets and liabilities as of the date of the divestiture were as follows (in millions):
Assets divested |
Cash and cash equivalents | $ | 25.0 |
Accounts and notes receivable, net | 170.2 |
Inventories, net | 171.6 |
Other current assets | 21.6 |
Total current assets | 388.4 |
Property, plant and equipment, net | 101.8 |
Right-of-use lease assets | 15.2 |
Other assets | 16.5 |
Intangible assets, net | 113.7 |
Goodwill | 203.6 |
Total assets | $ | 839.2 |
Liabilities divested |
Accounts payable | $ | 90.4 |
Accrued expenses | 98.4 |
Other current liabilities | 54.7 |
Total current liabilities | 243.5 |
Deferred tax liabilities | 8.3 |
Operating lease liabilities | 10.5 |
Other noncurrent liabilities | 5.2 |
Total liabilities | $ | 267.5 |
Disposal group, net | $ | 571.7 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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