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Technical Packaging Divesture | 12 Months Ended
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Sep. 30, 2020
Technical Packaging Divestiture |
Technical Packaging Divestiture | 2. Technical Packaging Divestiture On December 31, 2019, pursuant to an Equity Purchase Agreement entered into on November 15, 2019, the Company completed the sale of its Technical Packaging business segment, consisting of the Company's wholly-owned subsidiaries Thermoform Engineered Quality LLC, Plastique Ltd. and Plastique sp. z o.o. (the "Technical Packaging Business"), to Sonoco Plastics, Inc. and Sonoco Holdings, Inc. ("Buyers"), two wholly-owned subsidiaries of Sonoco Products Company (NYSE:SON). The companies within this segment provide innovative solutions to the medical and commercial markets for thermoformed packages and specialty products using a wide variety of thin gauge plastics and pulp. Results of operations, financial position and cash flows for the Technical Packaging business are reflected as discontinued operations in the Consolidated Financial Statements and related notes for all periods presented. Net sales from the Technical Packaging business were $16.5 million, $86.9 million and $87.9 million in 2020, 2019 and 2018, respectively. Pretax (loss) earnings from the Technical Packaging business was $(0.3) million, $4.3 million and $6.9 million in 2020, 2019 and 2018, respectively. The Company received net proceeds from the sale of approximately $184 million and recorded a $76.5 million after-tax gain on the sale in 2020. The Company finalized the working capital adjustment and paid $0.2 million to the buyer during the third quarter of 2020. The major classes of assets and liabilities of the Technical Packaging business included in the Consolidated Balance Sheet at September 30, 2019 are shown below (in millions). ​
​ | ​ | ​ | ​
​ |  | September 30, 2019
Assets: | ​ |  |
Accounts receivable, net |  | $ | 15.7
Contract assets, net | ​ |  | 5.1
Inventories | ​ |  | 3.9
Other current assets | ​ |  | 0.6
Current assets | ​ |  | 25.3
Property, plant & equipment, net | ​ |  | 33.6
Intangible assets, net | ​ |  | 11.4
Goodwill | ​ |  | 19.0
Other assets | ​ |  | 3.4
Total assets |  | $ | 92.7
Liabilities: | ​ |  | ​
Accounts payable |  | $ | 7.6
Accrued expenses and other current liabilities | ​ |  | 3.9
Current liabilities | ​ |  | 11.5
Other liabilities | ​ |  | 4.0
Total liabilities |  | $ | 15.5
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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