v3.26.3
Acquisitions
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Trillium Flow Technologies
On September 14, 2026, the Company entered into a definitive Purchase Agreement to acquire the U.S. pump business from First Reserve-Backed Trillium Flow Technologies. Trillium Flow Technologies is a leading provider of highly engineered pump technologies primarily serving the U.S. municipal water and wastewater markets. The purchase price of the transaction is approximately $240.0 million, subject to post-closing adjustments. The transaction is expected to close in the fourth quarter of 2026, contingent upon regulatory approvals and the satisfaction of customary closing conditions. We intend to finance the acquisition with a combination of cash on hand and our Revolving Facility.
Druck, Panametrics and Reuter-Stokes
On January 1, 2026, the Company completed the acquisition of Druck, Panametrics and Reuter-Stokes from Baker Hughes. Collectively, these businesses are leading providers of sensor-based technologies for aerospace, nuclear and process industries. The purchase price was $1,147.4 million, net of $40.6 million of cash acquired and a final working capital adjustment of $31.8 million received from the seller.
The Druck brand has been integrated into our Aerospace & Advanced Technologies segment. The Panametrics and Reuter-Stokes brands have been integrated into our Process Flow Technologies segment. The amount allocated to goodwill reflects the expected synergies related to product line simplification, commercial enhancements, supply chain manufacturing productivity and other cost synergies.
The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed. The final determination of the fair value of certain assets and liabilities will be completed within the one-year measurement period as required by ASC 805. We have not yet completed our evaluation and determination of certain assets acquired and liabilities assumed. We do not expect any material adjustments to the values presented below:

Net assets acquired (in millions)
Total current assets$241.5 
Property, plant and equipment71.9 
Other assets16.1 
Intangible assets466.0 
Goodwill562.5 
Total assets acquired$1,358.0 
Total current liabilities$116.5 
Other liabilities53.5 
Total assumed liabilities$170.0 
Net assets acquired$1,188.0 
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair ValueWeighted Average Life (in years)
Trademarks/Trade names$70.0 14.0
Customer relationships259.0 14.0
Developed Technology82.0 9.0
Backlog55.0 4.0
Total acquired intangible assets$466.0 
Other Acquisition
On January 1, 2026, the Company completed the acquisition of a leading provider of inline process control optical measurement solutions for biopharma, pharmaceutical and other demanding markets for $176.2 million, net of cash acquired of $8.2 million. The acquired company has been integrated into our Process Flow Technologies segment. The amount
allocated to goodwill reflects the expected synergies related to product line simplification and supply chain manufacturing productivity.
Net assets acquired (in millions)
Total current assets$31.9 
Property, plant and equipment20.0 
Other assets0.2 
Intangible assets76.2 
Goodwill81.8 
Total assets acquired$210.1 
Total current liabilities$4.0 
Other liabilities21.7 
Total assumed liabilities$25.7 
Net assets acquired$184.4 
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:

Intangible Assets (dollars in millions)
Intangible Fair ValueWeighted Average Life (in years)
Trademarks/Trade names$5.4 17.0
Customer relationships58.6 18.0
Developed technology10.6 8.0
Backlog1.6 1.0
Total acquired intangible assets$76.2 
Technifab Acquisition
On November 1, 2024, the Company completed the acquisition of Technifab Products, Inc. (“Technifab”) for $38.8 million, on a cash-free and debt-free basis. During the first quarter of 2025, the Company paid $0.2 million to the seller related to a final working capital adjustment.
Valuation of Intangible Assets
For all acquisitions, the fair values of the trade name and developed technology intangible assets were determined using an income approach, specifically the relief from royalty method, which is a widely accepted valuation methodology. This approach assumes that, in lieu of ownership, a market participant would be willing to pay a royalty to obtain the rights to use the asset and realize its associated economic benefits. Accordingly, the value of the asset is derived from the present value of the after-tax royalty savings attributable to ownership.
The fair values of the customer relationships and backlog intangible assets were determined using an income approach, specifically the excess earnings method, which is a widely accepted valuation methodology. Under this approach, the cash flows attributable to the asset are isolated by deducting returns for contributory assets from the projected cash flows generated by the existing customers/contractual backlog. These charges represent the required returns on other assets that support the realization of the projected cash flows, including working capital, fixed assets, and other intangible assets. The resulting excess earnings are adjusted, where appropriate, to reflect expected customer attrition over the remaining economic life of the asset and then discounted to present value using an appropriate discount rate. Both the magnitude and timing of the projected cash flows are considered from a market participant perspective. The estimates of the market participant cash flows incorporate assumptions related to historical and projected pricing, operational performance (including market participant synergies), aftermarket retention, product life cycles, material and labor costs, and other relevant customer, contractual, and market factors.
Intangible assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits).
Supplemental Pro Forma Data
The results of operations of Druck, Panametrics and Reuter-Stokes have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on January 1, 2026. Druck, Panametrics and Reuter-Stokes have contributed sales of $316.0 million resulting in an operating profit of approximately $4.2 million for the period from the completion of the acquisition through September 30, 2026.
The following unaudited pro forma information assumes that the acquisition was completed on January 1, 2025. The unaudited pro forma results of operations are provided for illustrative purposes only and are not indicative of the Company's actual consolidated results of operations or consolidated financial position. The unaudited pro forma information for the three and nine months ended September 30, 2025, includes the following adjustments, where applicable, for business combination accounting effects resulting from the acquisition: (i) amortization of the fair value step up in inventory, (ii) additional amortization expense related to finite-lived intangible assets acquired, (iii) additional interest expense related to financing for the acquisition (refer to Note 13, Financing), (iv) depreciation expense on property, plant and equipment, and (v) the related tax effects assuming that the business combination occurred on January 1, 2025.
The significant nonrecurring adjustments reflected in the unaudited pro forma consolidated information below include the reclassification of the transaction costs to the earliest period presented. The unaudited pro forma results of operations do not reflect any operating efficiencies or cost savings which resulted from the acquisition or may be realized in the future.
The following table contains unaudited pro forma condensed consolidated income statement information of the Company for the three and nine month periods ending September 30, 2025, as if the Druck, Panametrics and Reuter-Stokes closed on January 1, 2025, as such Net income includes transaction and financing adjustments of $20.8 million and $87.3 million, respectively.

Three Months EndedNine Months Ended
September 30,September 30,
(in millions, except per share data)20252025
Net sales (a)
$686.9 $1,998.9 
Net income (a)
$77.5 $213.1 
Net income per common share – assuming dilution$1.32 $3.64 
(a) Consolidated pro forma revenue and net income related to the optek-Danulat (“Optek”) acquisition have not been presented since the pro forma impact is not material.