Subsequent Events |
6 Months Ended |
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Jun. 30, 2018 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
On May 29, 2018, BRISMET, a subsidiary of the Company's Metals Segment, entered into an asset purchase agreement to acquire the galvanized tube assets and operations of MUSA located in Munhall, PA. The effective date of the transaction was July 1, 2018, which was funded through an increase to the Company's current credit facility. The purchase price for the transaction totaled $10,378,281, which was placed into an escrow account on June 29, 2018, and is recorded in "Prepaid expenses and other current assets" on the accompanying Condensed Consolidated Balance Sheet at June 30, 2018. The assets purchased and liabilities assumed from MUSA include accounts receivable, inventory, equipment, and accounts payable. Because the transaction closed on July 1, 2018, the purchase accounting is not complete at the time of this filing.
On August 7, 2018, the Company announced that its Board of Directors has approved an annual dividend of $0.25 per share, to be paid in December of 2018.
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