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Sauer-Danfoss (SHS)
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SHS » Topics » (2) Business Combinations:

This excerpt taken from the SHS ARS filed Apr 29, 2008.

(2) Business Combinations:

        In May 2007, the Company acquired all outstanding shares of a company in Denmark which produces steering columns. The acquired company, with annual sales of approximately $4,700, was previously a supplier and was acquired in order to control production and delivery of steering columns used in Work Function products. The Company has consolidated the financial results since the date of acquisition. The purchase price was allocated to inventory and property, plant, and equipment. Goodwill of approximately $2,600 represents the excess of cost over the fair value of net tangible assets.

IV-30

Sauer-Danfoss Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

December 31, 2007, 2006, and 2005

(Dollars in thousands, except per share data)

(2) Business Combinations: (Continued)

        The changes in the carrying amounts of goodwill for the years ended December 31, 2006 and 2007 are as follows:

 
   Propel
Segment
   Work Function
Segment
   Controls
Segment
   Total
  
Balance at January 1, 2006   $ 32,967   $ 19,680   $ 67,671   $ 120,318  
Reversal of valuation allowance on deferred tax asset     —     (8,267 )   (8,266 )   (16,533 )
Translation adjustment     1,608     553     2,865     5,026  
   
 
 
 
 
Balance at December 31, 2006     34,575     11,966     62,270     108,811  
Goodwill acquired during period     —     2,565     —     2,565  
Goodwill written off with sale of business     —     —     (610 )   (610 )
Reversal of valuation allowance on deferred tax asset     —     (615 )   (615 )   (1,230 )
Translation adjustment     1,539     645     2,780     4,964  
   
 
 
 
 
Balance at December 31, 2007   $ 36,114   $ 14,561   $ 63,825   $ 114,500  
   
 
 
 
 
This excerpt taken from the SHS DEF 14A filed Apr 29, 2008.

(2) Business Combinations:

        In May 2007, the Company acquired all outstanding shares of a company in Denmark which produces steering columns. The acquired company, with annual sales of approximately $4,700, was previously a supplier and was acquired in order to control production and delivery of steering columns used in Work Function products. The Company has consolidated the financial results since the date of acquisition. The purchase price was allocated to inventory and property, plant, and equipment. Goodwill of approximately $2,600 represents the excess of cost over the fair value of net tangible assets.

IV-30

Sauer-Danfoss Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

December 31, 2007, 2006, and 2005

(Dollars in thousands, except per share data)

(2) Business Combinations: (Continued)

        The changes in the carrying amounts of goodwill for the years ended December 31, 2006 and 2007 are as follows:

 
   Propel
Segment
   Work Function
Segment
   Controls
Segment
   Total
  
Balance at January 1, 2006   $ 32,967   $ 19,680   $ 67,671   $ 120,318  
Reversal of valuation allowance on deferred tax asset     —     (8,267 )   (8,266 )   (16,533 )
Translation adjustment     1,608     553     2,865     5,026  
   
 
 
 
 
Balance at December 31, 2006     34,575     11,966     62,270     108,811  
Goodwill acquired during period     —     2,565     —     2,565  
Goodwill written off with sale of business     —     —     (610 )   (610 )
Reversal of valuation allowance on deferred tax asset     —     (615 )   (615 )   (1,230 )
Translation adjustment     1,539     645     2,780     4,964  
   
 
 
 
 
Balance at December 31, 2007   $ 36,114   $ 14,561   $ 63,825   $ 114,500  
   
 
 
 
 
These excerpts taken from the SHS 10-K filed Mar 11, 2008.

(2) Business Combinations:

        In May 2007, the Company acquired all outstanding shares of a company in Denmark which produces steering columns. The acquired company, with annual sales of approximately $4,700, was previously a supplier and was acquired in order to control production and delivery of steering columns used in Work Function products. The Company has consolidated the financial results since the date of acquisition. The purchase price was allocated to inventory and property, plant, and equipment. Goodwill of approximately $2,600 represents the excess of cost over the fair value of net tangible assets.

F-11

Sauer-Danfoss Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

December 31, 2007, 2006, and 2005

(Dollars in thousands, except per share data)

(2) Business Combinations: (Continued)

        The changes in the carrying amounts of goodwill for the years ended December 31, 2006 and 2007 are as follows:

 
   Propel
Segment
   Work Function
Segment
   Controls
Segment
   Total
  
Balance at January 1, 2006   $ 32,967   $ 19,680   $ 67,671   $ 120,318  
Reversal of valuation allowance on deferred tax asset     —     (8,267 )   (8,266 )   (16,533 )
Translation adjustment     1,608     553     2,865     5,026  
   
 
 
 
 
Balance at December 31, 2006     34,575     11,966     62,270     108,811  
Goodwill acquired during period     —     2,565     —     2,565  
Goodwill written off with sale of business     —     —     (610 )   (610 )
Reversal of valuation allowance on deferred tax asset     —     (615 )   (615 )   (1,230 )
Translation adjustment     1,539     645     2,780     4,964  
   
 
 
 
 
Balance at December 31, 2007   $ 36,114   $ 14,561   $ 63,825   $ 114,500  
   
 
 
 
 

(2) Business Combinations:



        In May 2007, the Company acquired all outstanding shares of a company in Denmark which produces steering columns. The acquired company, with annual sales of
approximately $4,700, was previously a supplier and was acquired in order to control production and delivery of steering columns used in Work Function products. The Company has consolidated the
financial results since the date of acquisition. The purchase price was allocated to inventory and property, plant, and equipment. Goodwill of approximately $2,600 represents the excess of cost over
the fair value of net tangible assets.



F-11







Sauer-Danfoss Inc. and Subsidiaries



Notes to Consolidated Financial Statements (Continued)



December 31, 2007, 2006, and 2005



(Dollars in thousands, except per share data)



(2) Business Combinations: (Continued)



        The
changes in the carrying amounts of goodwill for the years ended December 31, 2006 and 2007 are as follows:





































































































































































































 
 Propel

Segment
 Work Function

Segment
 Controls

Segment
 Total
 
Balance at January 1, 2006 $32,967 $19,680 $67,671 $120,318 
Reversal of valuation allowance on deferred tax asset  —  (8,267) (8,266) (16,533)
Translation adjustment  1,608  553  2,865  5,026 
  
 
 
 
 
Balance at December 31, 2006  34,575  11,966  62,270  108,811 
Goodwill acquired during period  —  2,565  —  2,565 
Goodwill written off with sale of business  —  —  (610) (610)
Reversal of valuation allowance on deferred tax asset  —  (615) (615) (1,230)
Translation adjustment  1,539  645  2,780  4,964 
  
 
 
 
 
Balance at December 31, 2007 $36,114 $14,561 $63,825 $114,500 
  
 
 
 
 




This excerpt taken from the SHS 10-K filed Mar 12, 2007.

(2) Business Combinations:

During the second quarter of 2004 the Company exercised its option to acquire the remaining 15% of Comatrol S.p.A for approximately $4,300. The Company acquired Comatrol, located in Reggio Emilia, Italy, with approximately 100 employees and $22,000 in annual sales, for its manufacturing and product technology. In the second quarter of 2003, the Company purchased 40% of the outstanding shares of Comatrol, increasing its ownership percentage to 85%, and therefore began to consolidate the financial results of the business. The total purchase price paid to acquire Comatrol was approximately $22,100. The Company recognized intangible assets of approximately $600 and $2,200 for technology and customer relationships, respectively, in connection with the Comatrol acquisition. The transaction also resulted in recognizing approximately $14,500 of goodwill in the Controls segment.

EXCERPTS ON THIS PAGE:

ARS
Apr 29, 2008
DEF 14A
Apr 29, 2008
10-K (2 sections)
Mar 11, 2008
10-K
Mar 12, 2007

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