Annual report pursuant to Section 13 and 15(d)

Discontinued Operations and Divestitures

v3.5.0.2
Discontinued Operations and Divestitures
 12 Months Ended
Aug. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Note 3.    Discontinued Operations and Divestitures
Fiscal 2016 Product Line Divestiture
On August 25, 2016, the Company completed the divestiture of its Sanlo business (Engineered Solutions segment) for $9.7 million in cash, net of transaction costs. This divestiture resulted in a $5.1 million pre-tax loss, but a $1.6 million gain net of tax. The results of the Sanlo business (sales of approximately $11 million in fiscal 2016) are not material to the consolidated financial results and are included in continuing operations.
Fiscal 2014 Product Line Divestiture and Discontinued Operations
On June 13, 2014, the Company completed the divestiture of its Recreational Vehicle ("RV") business (Engineered Solutions segment) for $36.5 million in cash. This product line divestiture resulted in a $13.5 million pre-tax gain, $2.8 million net of tax. The results of the RV business (sales of approximately $22 million in fiscal 2014) are not material to the consolidated financial results and are included in continuing operations.
The former Electrical segment designed, manufactured and distributed a broad range of electrical products to the retail DIY, wholesale, OEM, solar, utility and marine markets. On December 13, 2013, the Company completed the sale of the Electrical segment for net cash proceeds of $252.4 million, which resulted in a pre-tax gain of $34.5 million, $26.3 million net of tax. Net sales of the former Electrical segment in fiscal 2014, prior to the divestiture, were $72.1 million.