XML 32 R25.htm IDEA: XBRL DOCUMENT v3.25.1
Subsequent Event
3 Months Ended
Mar. 28, 2025
Subsequent Events [Abstract]  
Subsequent Event

16. Subsequent Event

On April 8, 2025, the Company acquired 100% the outstanding stock of Keonn Technologies, S.L. (“Keonn”), a Barcelona, Spain-based leader in Radio-Frequency Identification (“RFID”) solutions for an initial cash payment of €60.6 million ($66.4 million), subject to customary closing and net working capital adjustments. The purchase includes up to €20.0 million ($21.9 million) in contingent consideration payable upon the achievement of certain revenue targets through December 2027. In addition, the Company has granted equity totaling €9.0 million ($9.9 million) to Keonn employees.

The acquisition was financed with cash on-hand and borrowings under the Company's revolving credit facility. The Keonn acquisition will be included in the Medical Solutions reportable segment. Information required by ASC 805-10, “Business Combinations,” is not disclosed herein as the Company is in the process of completing its purchase accounting evaluation, including purchase price allocation and other related disclosures.