On March 16, 2026, the Company completed the previously announced sale of Aerospace to an affiliate of Tinicum L.P., and funds managed by Blackstone, Inc., pursuant to an Equity Purchase Agreement dated as of November 4, 2025 (the "Purchase Agreement"), for a purchase price of approximately $1,456.9 million, subject to certain adjustments as set forth in the Purchase Agreement which the Company expects to be finalized during 2026.

The Company recognized net proceeds of $1,241.8 million, which represents the purchase price, less estimated tax payments of approximately $194.5 million, and transaction costs of $20.2 million. The Company recorded a pre-tax gain on the sale of $1,040.0 million. The Company's liability for unpaid estimated tax payments is included in accounts payable in the accompanying consolidated balance sheet.

As of June 30, 2026, the Company’s net cash proceeds were invested in liquid instruments, including U.S. Treasury‑backed money market funds and cash deposits with high‑credit‑quality financial institutions designated as Globally Systemically Important Banks. These investments earn interest at an average rate of 3.7%, and qualify as permitted investments under the Company’s credit agreement. The Company intends to maintain these investments until they are deployed for organic growth initiatives, strategically aligned acquisition opportunities, share repurchases, or a combination thereof.

The historical results for Aerospace are reported in the accompanying consolidated statement of income as a discontinued operation and the assets and liabilities have been retrospectively reclassified to assets and liabilities of discontinued operations in the accompanying consolidated balance sheet.


	December 31, 2025
Assets
Current assets:

Receivables, net	$	60,460
Inventories	113,950

Prepaid expenses and other current assets	1,870
Total current assets	176,280
Property and equipment, net	90,780
Operating lease right-of-use assets	10,360
Goodwill	86,960
Other intangibles, net	77,530
Other assets	1,540
Total assets	$	443,450

Liabilities and Shareholders' Equity
Current liabilities:

Accounts payable	$	16,370
Accrued liabilities	25,000
Lease liabilities, current portion	6,280
Total current liabilities	47,650

Lease liabilities	4,540
Deferred income taxes	6,160
Other long-term liabilities	590
Total liabilities	$	58,940


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Net sales	$	—	$	103,010	$	83,920	$	192,220
Cost of sales	—		(71,240)		(59,850)		(136,250)
Gross profit	—		31,770		24,070		55,970
Selling, general and administrative expenses	—		(12,030)		(12,710)		(21,600)
Net gain (loss) on dispositions of assets	—		—		1,040,000		—

Operating profit	—		19,740		1,051,360		34,370


Other expense, net	—		(500)		(2,180)		(560)
Income from discontinued operations, before income taxes	—		19,240		1,049,180		33,810
Income tax expense	(53,900)		(4,930)		(250,490)		(9,020)
Income (loss) from discontinued operations, net of tax	$	(53,900)	$	14,310	$	798,690	$	24,790

The depreciation, amortization, capital expenditures, and significant cash flow items of the discontinued operations were as follows (dollars in thousands):


	Six months ended June 30,
	2026		2025
Cash flows from discontinued operating activities:
Depreciation	$	2,200	$	4,060
Amortization of intangible assets	2,690		5,270
Net gain on dispositions of assets	(1,040,000)		—
Non-cash compensation expense	(90)		840



Cash flows from discontinued investing activities:
Capital expenditures	$	(2,820)	$	(7,410)

Acquisition of businesses, net of cash acquired	—		(37,160)