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Note 5 - Acquisition and Divestiture
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Mergers, Acquisitions and Dispositions Disclosures [Text Block]

5.

Acquisition and Divestiture

 

Coatings

 

During the first quarter of 2021, we sold the Coatings business. The resulting pre-tax gain was $9.8 million and is reflected within Selling and Administrative Expense in our Consolidated Statements of Income.

 

Gaomei

 

On January 4, 2019, we completed the acquisition of Hefei Gaomei Cleaning Machines Co., Ltd. and Anhui Rongen Environmental Protection Technology Co., Ltd. (collectively "Gaomei"), privately held designers and manufacturers of commercial cleaning solutions based in China. The financial results for Gaomei have been included in the consolidated financial results since the date of closing. The purchase price included contingent consideration. A payment of $0.5 million was paid in the first quarter of 2021. The final payment of $1.3 million is expected to be paid in the second quarter of 2021.