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BUSINESS ACQUISITIONS | 12 Months Ended
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Jan. 01, 2022
BUSINESS ACQUISITIONS |
BUSINESS ACQUISITIONS | 2. BUSINESS ACQUISITIONS Hallink Moulds, Inc. Effective August 10, 2020 the Company acquired certain assets, including accounts receivable, inventories, furniture, fixtures and equipment, intellectual property rights and rights existing under all sales and purchase agreements, and assumed certain liabilities, of Hallink, RSB Inc. These assets are held in our subsidiary, Hallink Moulds. Hallink Moulds produces injection blow mold tooling and is a supplier of blow molds and change parts to the food, beverage, healthcare and chemical industry. Hallink Moulds specializes in the design, development and manufacture of 2-step stretch blow molds, and related components for the stretch blow molding industry offering integrated turnkey solutions to its customers worldwide. The cost of the acquisition of Hallink Moulds was approximately $7,173,000. The above acquisition was accounted for under ASU 2014-18, Business Combinations (Topic 805). The acquired business is included in the consolidated operating results of the Company from the effective date of the acquisition. The excess of the cost of Hallink Moulds over the fair market value of the net assets acquired of $2,302,000 has been recorded as goodwill. An independent third party was utilized to establish the fair market value of net assets acquired. In connection with the above acquisition, the Company recorded the following intangible assets:
Asset Class/Description |  | Amount |  |  | Weighted-Average Useful Lives in Years |
Customer relationships |  | $ | 2,345,000 |  |  |  | 6 |
Intellectual property |  |  | 591,000 |  |  |  | 6 |
Non-compete agreements |  |  | 1,001,000 |  |  |  | 5 |
|  | $ | 3,937,000 |  |  |  |  |
There is no anticipated residual value relating to these intangible assets.

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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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