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Acquisition | 9 Months Ended
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Sep. 30, 2018
Business Combinations [Abstract] |
Acquisition |
16. | ACQUISITION
On March 26, 2018, the Company, through a subsidiary in Mexico, acquired BASF Mexicana, S.A.DE C.V.’s (BASF) production facility in Ecatepec, Mexico and a portion of its related surfactants business. The facility, which is near Mexico City, has over 50,000 metric tons of capacity, 124,000 square feet of warehouse space, a large laboratory and office space. The acquired assets and business are included in the Company’s Surfactants segment. The initial purchase price of the acquisition was $21,475,000 and was paid with cash on hand. The primary assets acquired were land, buildings, machinery and equipment and inventory. In the third quarter of 2018 the Company reached alignment with BASF on the final value of inventory acquired. The incremental inventory and related value-added taxes totaled $1,377,000 and increased the total assets acquired in the transaction from $21,475,000 to $22,852,000 as of September 30, 2018. The final inventory settlement payment is anticipated to be made in the fourth quarter of 2018. The purchase price allocation remains preliminary as of September 30, 2018. The acquisition was accounted for as a business combination, and, accordingly, the assets acquired were measured and recorded at their estimated fair values. The following table summarizes the assets acquired as a result of the acquisition:
(In thousands) |  |  |  |
Assets: |  |  |  |
Property, plant and equipment |  | $ | 14,464 |
Inventory |  |  | 5,687 |
Other Receivable |  |  | 2,701 |
Total assets acquired |  | $ | 22,852 |
The acquired business is expected to have minimal impact on the Company’s 2018 financial results. Pro forma financial information for the first nine months of 2017 and 2018 has not been included because revenues and earnings of the Company would not have been significantly different than reported had the acquisition date been January 1, 2017.

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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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