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Subsequent Event | 9 Months Ended
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Sep. 30, 2016
Subsequent Events [Abstract] |
Subsequent Event |
19. | SUBSEQUENT EVENT
In October 2016, the Company’s subsidiary in Brazil closed on its previously announced agreement to acquire the commercial business of Tebras Tensoativos do Brazil Ltda. (Tebras) and the sulfonation production facility of PBC Industria Quimica Ltda. (PBC). The purchase price of the acquisition was R$79,000,000 (approximately $24,616,000), of which R$70,000,000 (approximately $21,812,000) was paid from cash on hand and R$9,000,000 (approximately $2,804,000) was deposited in escrow to cover certain potential losses as specified in the purchase agreement. The Company is in the process of assessing the fair values of the assets and liabilities assumed and determining the allocation of the purchase price. As a result, no purchase price allocation or pro forma financial information is available at this time. The combined entities have annual sales of approximately $32,000,000, 25,000 metric tons of sulfonation capacity and a large, diverse customer portfolio. The acquisition is expected to expand and diversify the Company’s customer base for sulfonated products in Brazil and to provide an opportunity to sell the Company’s broader surfactant portfolio to over 1,200 new customers who will benefit from the Company’s technical service and formulation support. The acquired business will be included in the Company’s Surfactants segment. The transaction is expected to have minimal impact on the Company’s 2016 financial results.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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