Note 15. Subsequent Event
On July 10, 2017, we entered into a definitive agreement to sell our Precision Bearing Components Group for $375 million in cash, subject to certain
adjustments, to TSUBAKI NAKASHIMA Co., Ltd. The transaction is expected to be completed in the second half of 2017 and is subject to regulatory and customary closing conditions. Net proceeds are expected to be approximately $270 million.
Precision Bearing Components Group results will be reported as discontinued operations in our financial statements after the transaction closes.
||Managements Discussion and Analysis of Financial Condition and Results of Operations |
This Quarterly Report on Form 10-Q contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may discuss goals, intentions and expectations
as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, management.
Forward-looking statements generally will be accompanied by words such as anticipate, believe, could, estimate, expect, forecast, guidance, intend,
may, possible, potential, predict, project or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of our
control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector, competitive influences,
risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability of raw materials, currency and other risks associated with international trade, our dependence on certain
major customers, the impact of acquisitions and divestitures, unanticipated difficulties integrating acquisitions, inability to consummate the proposed transaction with TSUBAKI NAKASHIMA Co. Ltd. (Tsubaki), on the terms contemplated, or
at all, and the timing of the closing for the proposed transaction, new laws and governmental regulations, and other risk factors and cautionary statements listed from
time-to-time in our periodic reports filed with the Securities and Exchange Commission. We disclaim any obligation to update any such factors or to publicly announce the
result of any revisions to any of the forward-looking statements included herein or therein to reflect future events or developments.
information concerning such risk factors and cautionary statements, please see the section titled Item 1A. Risk Factors in our 2016 Annual Report on Form 10-K for the fiscal year ended
December 31, 2016, which we filed with the SEC on March 16, 2017 (the 2016 Annual Report).
Results of Operations
Factors That May Influence Results of Operations
following paragraphs describe factors that have influenced results of operations for the six months ended June 30, 2017, that we believe are important to provide an understanding of our business and results of operations.