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.