Business Combination On April 23, 2018, we acquired 100.0% of the outstanding equity interests of Certified Thermoplastics Co., LLC (CTP), a privately-held leader in precision profile extrusions and extruded assemblies of engineered thermoplastic resins, compounds, and alloys for a wide range of commercial aerospace, defense, medical, and industrial applications. CTP is located in Santa Clarita, California. The acquisition of CTP was part of our strategy to diversify towards more customized, higher value, engineered products with greater aftermarket potential. The purchase price for CTP was $30.5 million , net of cash acquired, all payable in cash. We paid $31.1 million upon the closing of the transaction. We preliminarily allocated the gross purchase price of $31.1 million to the assets acquired and liabilities assumed at estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets is recorded as goodwill. The allocation is subject to revision as the estimates of fair value of current assets, non-current assets, identifiable intangible assets, and current liabilities are based on preliminary information and are subject to refinement. We are in the process of reviewing third party valuations of certain assets. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands): Estimated Fair Value Cash $ 98 Accounts receivable 1,517 Inventories 2,500 Other current assets 27 Property and equipment 603 Intangible assets 8,000 Goodwill 18,616 Total assets acquired 31,361 Current liabilities (270 ) Total liabilities assumed (270 ) Total preliminary purchase price allocation $ 31,091 Useful Life (In years) Estimated Fair Value (In thousands) Intangible assets: Customer relationships 10 $ 6,600 Trade names and trademarks 15 1,400 $ 8,000 The intangible assets acquired of $8.0 million were preliminarily determined based on the estimated fair values using valuation techniques consistent with the inc