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Subsequent Event
6 Months Ended
Jun. 30, 2015
Subsequent Event [Abstract]  
Subsequent Event

12. SUBSEQUENT EVENTS

 

On August 1, 2015, Pioneer Custom Electrical Products Inc. completed the purchase of substantially all the assets comprising the business of Pacific Power Integration Systems, Inc. (“Pacific”). Located in Santa Fe Springs, California, Pacific is a manufacturer of low and medium voltage switchgear, primarily serving customers in the oil refining, mass transit and utility sectors. The purchase price of $2.0 million in cash was financed with revolving debt drawn from the Company’s Canadian Facilities, and must be repaid by September 30, 2015 (see Note 7 Debt).