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Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividend Declared

On July 26, 2024, the Company’s Board of Directors (the "Board") declared a quarterly cash dividend of $0.28 per share, estimated to be $11.8 million in total. The dividend will be payable on October 24, 2024, to the Company's stockholders of record on October 3, 2024.

Acquisition of Monet

On August 1, 2024, the Company completed its acquisition of all of the operating assets and assumed liabilities of Monet DeSauw Inc. and certain properties of Callaway Properties, LLC (together with its subsidiaries “Monet”) for a total purchase consideration of approximately $59.0 million before normal working capital adjustments (the “Acquisition”).

Monet is a private manufacturing company specializing in the production of large-scale saws and material handling equipment for the truss industry in the United States. Monet’s manufacturing largely entails assembly of parts and components with limited fabrication. The acquisition will expand the Company’s product and service offering to component manufacturers. The acquisition will be accounted for as a business combination, with the goodwill being non-deductible for tax purposes.

The allocation of the purchase price to the underlying assets acquired and liabilities assumed is subject to a formal valuation process, which has not yet been completed. The major classes of assets acquired include trade receivables, inventories, customer deposits, and intangibles.