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ACQUISITION | 12 Months Ended
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Dec. 31, 2018
ACQUISITION [Abstract] |
ACQUISITION | 2. ACQUISITION On October 1, 2018, the Company completed the acquisition of BCMZ Precision Engineering Limited ("BCMZ"), a UK manufacturer of precision machined components, for approximately $2.6 million in cash. The transaction was funded with cash on hand. BCMZ has a diversified portfolio of customers in the automotive, aerospace, defense, telecommunication, fibre-optic and medical industrial sectors and has been a long-term key supplier of precision machined components for our Cinch Connectivity Solutions UK business. BCMZ is additionally expected to give Cinch the capability to continue to support key defense and industrial customers across Europe with localized in-house machining ability. The results of operations of BCMZ have been included in the Company's consolidated financial statements for the period subsequent to its acquisition date. During the year ended December 31, 2018, BCMZ contributed revenue of $0.5 million and an immaterial amount to operating income within the Company's consolidated financial results. During the year ended December 31, 2018, the Company incurred less than $0.1 million of acquisition-related costs relating to BCMZ. These costs are included in selling, general and administrative expense in the accompanying consolidated statement of operations for the year ended December 31, 2018. As of the acquisition date, balances recorded approximated fair value. The identifiable assets acquired included $0.4 million assigned to customer relationships which will be amortized over its estimated future life of 10 years utilizing the straight-line method.
|  | As of |
|  | October 1, 2018 |
|  | Acquisition Date |
Identifiable assets acquired |  | $ | 2,986 |
Liabilities assumed |  |  | (1,688 | )
Net identifiable assets acquired |  |  | 1,298 |
Goodwill |  |  | 1,290 |
Net assets acquired |  | $ | 2,588 |
Fair value of consideration transferred |  | $ | 2,588 |
The goodwill noted above related to the BCMZ acquisition will be allocated to the Company's Europe operating segment. The Company is uncertain at this time how much of the goodwill, if any, will be deductible for tax purposes. The inclusion of BCMZ's results, assuming the acquisition of BCMZ was completed as of January 1, 2017, would not have had a material impact on the Company's consolidated results of operations during 2017 or 2018.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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