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Divestiture | 9 Months Ended
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Sep. 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 $108.7 million, as adjusted for purchase adjustments. In the third quarter of 2025, the Company agreed to a working capital adjustment with the purchaser that reduced the amount to be released from escrow by $0.8 million, with a corresponding reduction in the previously recognized gain. The Company received cash proceeds of $107.9 million, inclusive of the purchase price, purchase price adjustments and $2.0 million released from escrow in the third quarter of 2025. The Company recognized a pre-tax gain on sale of busines s of $63.7 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 |  | $ | 107,809 |
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 |  | $ | 63,701 |

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