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VACCO Divestiture

12 Months Ended

Sep. 30, 2025

VACCO Divestiture

VACCO Divestiture

3. VACCO Divestiture

On July 18, 2025, the Company completed the divestiture of VACCO Industries (VACCO) to RBC Bearings Incorporated (RBC), an international manufacturer and marketer of highly engineered precision bearings and products, headquartered in Oxford, Connecticut. Results of operations, financial position and cash flows for the VACCO business are reflected as discontinued operations in the Condensed Consolidated Financial Statements and related notes for all periods presented. The sale of VACCO represents a strategic shift for the Company to exit the Space business.

Net sales from the VACCO business were $102.9 million, $107.6 million and $100.2 million for the years ending September 30, 2025, 2024 and 2023, respectively. Pretax earnings (loss) from the VACCO business were $13.7 million, $(1.1) million and $8.6 million for the years ending September 30, 2025, 2024 and 2023, respectively. The net proceeds from the sale of approximately $270 million and the related after-tax gain on sale of $172.6 million were recorded in the fourth quarter of 2025. The Company anticipates a tax payment of approximately $59 million to be paid during fiscal 2026 related to the gain on sale.

The major classes of VACCO’s assets and liabilities included in the Condensed Consolidated Balance Sheet at September 30, 2024 are shown below (in thousands).


		September 30,
		2024
Assets:
Accounts receivable, net		18,579
Contract assets		63,822
Inventories		13,699
Other current assets		1,281
Current assets		97,381
Property, plant and equipment, net		21,345
Intangible assets, net		4,078
Goodwill		9,964
Other assets		607
Total assets		133,375
Liabilities:
Accounts payable		9,435
Contract liabilities		44,001
Accrued expenses and other current liabilities		9,063
Current liabilities		62,499
Other liabilities		2,710
Total liabilities		65,209