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Divestiture | 6 Months Ended
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Jun. 30, 2025
Divestiture [Abstract] |
Divestiture [Text Block] | 16. Divestiture On March 31, 2025, the Company finalized the sale of its Global Pump Solutions business to a third party for a purchase price of $109.5 million, subject to purchase price adjustments. The Company received cash proceeds of $105.9 million, inclusive of the purchase price and purchase price adjustments of $0.8 million, with an additional amount of $2.8 million placed in escrow for the potential satisfaction of purchase price adjustments. Accordingly, the Company recognized a pre-tax gain on sale of busines s of $64.5 million. The Global Pump Solutions business consists of three niche leadership severe service industrial metallic, fiberglass and thermoplastic centrifugal pump brands: Dean, Fybroc and Sethco. The business primarily operates from locations in Indianapolis, Indiana and Telford, Pennsylvania, and was included within the Industrial Processing Solutions segment. Amounts related to the transaction are as follows:
(in thousands) |  |  |
Proceeds from sale of Global Pump Solutions business |  | $ | 108,610 |
Less: Assets transferred |  |  |
Accounts receivable, net |  |  | (4,230 | )
Inventories |  |  | (9,268 | )
Property and equipment |  |  | (5,247 | )
Goodwill |  |  | (26,838 | )
Intangible assets – finite life, net |  |  | (4,029 | )
Pension plan assets |  |  | (425 | )
Other assets |  |  | (120 | )
Less: Transaction costs |  |  | (616 | )
Plus: Liabilities transferred |  |  |
Accounts payable |  |  | 1,024 |
Accrued expenses |  |  | 1,731 |
Other liabilities assumed |  |  | 3,910 |
Gain on sale of Global Pump Solutions business |  | $ | 64,502 |

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