Assets Held-For-Sale Divestiture

9 Months Ended

Sep. 30, 2023

Asset Retirement Obligation Disclosure [Abstract]

On September 18, 2023, the Company announced entry into a definitive agreement to sell its FRT Metrology (“FRT”) business to Camtek Ltd. (“Camtek”) for $100 million in cash, subject to customary purchase price adjustments. The Company acquired FRT in fiscal 2019 for total consideration of $24.4 million, net of cash acquired. Headquartered in Bergisch Gladbach, Germany, FRT is a leading supplier of high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets, and is part of our Systems segment.

The related assets and liabilities have been classified as held-for-sale in the Company’s consolidated balance sheet and measured at the lower of their carrying amount or fair value less cost to sell. We did not record an impairment from this event.

The planned disposition of the FRT business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements since the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.

The components of held-for-sale assets and liabilities at September 30, 2023 were as follows (in thousands):


Assets held-for-sale
Accounts receivable, net of allowance for credit losses	$	5,491
Inventories, net	7,092
Other current assets	2,131
Intangibles, net	7,069
Goodwill	10,668
Other assets	1,267
Total assets held-for-sale	$	33,718
Liabilities held-for-sale
Current liabilities	$	6,045
Other liabilities	2,476
Total liabilities held-for-sale	$	8,521

On November 1, 2023, we closed on the sale of FRT to Camtek and received cash proceeds of $103.8 million after preliminary adjustments with respect to cash, indebtedness, and working capital.