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Acquisitions and acquisition-related costs

3 Months Ended

Mar. 27, 2022

Asset Acquisition [Abstract]

Acquisitions and acquisition-related costs

Acquisitions and acquisition-related costs

Acquisition-related costs of $0.2 million in the First Quarters of 2022 and 2021 represent professional fees incurred in relation to the SCI acquisition.

On March 15, 2021, the Company completed the acquisition of the Structural Composites Industries LLC ("SCI") business of Worthington Industries, Inc., based in Pomona, California, for $19.3 million cash consideration. The acquisition of SCI strengthens Luxfer’s composite cylinder offerings and aligns with recent investment to enhance our alternative fuel capabilities to capitalize on the growing compressed natural gas (CNG) and hydrogen opportunities.

The fair value of assets and liabilities acquired are as follows:

			In millions
			Accounts and other receivables			$	4.7
			Inventories			6.7
			Property, plant and equipment			7.8
			Customer relationships			1.8
			Less:
			Accounts payable			(1.7)
			Net assets acquired			19.3
			Purchase consideration			$	19.3

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- References

No definition available.

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- Definition

The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2122178

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-URI http://asc.fasb.org/topic&trid=2303972

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