SUBSEQUENT EVENTS |
12 Months Ended |
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Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] |
19. SUBSEQUENT EVENTS In January 2023, the Company completed the acquisition of Schultes Precision Manufacturing, Inc. (“Schultes”), an Illinois corporation. The acquisition was completed pursuant to a Stock Purchase Agreement (“Agreement”) among the Company and the owners of Schultes. Schultes is a highly trusted specialist in manufacturing precision machined components and assemblies for customers requiring very tight tolerances, superior quality and exceptional value-added manufacturing processes. Currently serving the hydraulic, aerospace, communication, food services, medical device and dental industries, Schultes brings the manufacturing quality, reliability and responsiveness critical to its customers’ success. Initial cash consideration paid at closing, net of cash acquired, totaled $85.0. Total consideration for the acquisition is subject to a post-closing adjustment in accordance with the terms of the Agreement. The consideration was funded with borrowings on the Company’s credit facility. The Company determined the acquisition of Schultes was not a significant acquisition under Rule 3-05 of Regulation S-X. |
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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