( 3 ) Business Combination On March 16, 2020, we purchased substantially all of the assets of STM for a purchase price of $22.5 million, subject to certain post-closing adjustments (the STM Acquisition), which included a $1.0 million holdback that is payable one year from the acquisition date. STM was a leading manufacturer of prestressed concrete strand (PC strand) for concrete construction applications. We acquired, among other assets, STMs accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities. The STM Acquisition serves to strengthen our competitive position as we contend with increased low-priced import competition. Following is a summary of our preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed as of the acquisition date: (In thousands) Assets acquired: Accounts receivable $ 3,860 Inventories 3,172 Other current assets 3,291 Property, plant and equipment 11,140 Intangibles 870 Total assets acquired $ 22,333 Liabilities assumed: Accounts payable $ 852 Accrued expenses 312 Total liabilities assumed 1,164 Net assets acquired 21,169 Purchase price 22,500 Goodwill $ 1,331 In connection with the STM Acquisition, we acquired certain intangible assets including customer relationships, a trade name and non-competition agreement. As we are in the process of finalizing internal and third -party valuations of tangible and intangible assets and certain liabilities, the provisional estimates of intangible assets, fixed assets, goodwill and certain accrued liabilities are subject to adjustment. We expect to finalize these amounts as soon as practical and no later than one year from the acquisition date. Goodwill associated with the STM Acquisition consists largely of the synergies we expect to realize through the integration of the acquired assets with our operations. The STM Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations (ASC 805 ). Under the provisions of ASC 805, acquisition and integration costs are recorded as expenses in the period in which such costs are incurred rather than included as components of consideration transferred. Following the STM Acquisition, net sales of the STM facility were approximately $1.1 million for the three -month period ended March 28, 2020. The actual net sales specifically attributable to the STM Acquisition, however, cannot be quantified due to our integration efforts which involved the reassignment of business between the former STM facility and our existing PC strand facilities. As a result, we have determined that the presentation of STMs earnings for the three - and six -month periods ending March 28, 2020 is impractical due to the integration of STMs operations following the STM Acquisition. The following unaudited supplemental pro forma financial information reflects our combined results of operations had the STM Acquisition occurred at the beginning of fiscal 2019. The pro forma information reflects certain adjustments related to the STM Acquisition, including adjusted amortization and depreciation expense based on the fair values of the assets acquired. The pro forma information does not reflect any potential operating efficiencies or cost savings that may result from the STM Acquisition. Accordingly, this pro forma information is for illustrative purposes and is not intended to represent the actual results of operations of the combined company that would have been achieved had the STM Acquisition occurred at the beginning of fiscal 2019, nor is it intended to indicate future results of operations. The pro forma combined results of operations for the three - and six -month periods ending March 28, 2020 and March 30, 2019 are as follows: Three Months Ended Six Months Ended March 28, March 30, March 28, March 30, (In thousands) 2020 2019 2020 2019 Net sales $ 121,290 $ 120,363 $ 224,931 $ 224,004 Earnings before income taxes 4,591 906 4,285 662 Net earnings 2,353 677 2,136 460 Restructuring charges. In connection with the STM acquisition, we elected to consolidate our PC strand operations through the closure of the Summerville facility and the redeployment of its equipment to our other three PC strand production facilities located in Gallatin, Tennessee; Houston, Texas; and Sanderson, Florida. We expect that operations at the Summerville facility will cease by the end of the third quarter of fiscal 2020. Following is a summary of the restructuring activity during the three - and six -month periods ended March 28, 2020: Employee Facility Separation Costs Closure Costs Total (In thousands) Restructuring charges $ 129 $ 20 $ 149 Cash payments (4 ) - (4 ) Liability as of March 28, 2020 $ 125 $ 20 $ 145 As of March 28, 2020, we recorded a liability of $145,000 for restructuring liabilities in accrued expenses on our consolidated balance sheet. We currently expect to incur approximately $1.7 million of additional restructuring charges for equipment relocation, employee separation and facility closure costs through fiscal 2020. Acquisition costs. During the three - and six -month periods ended March 28, 2020, we recorded $187,000 of acquisition-related costs associated with the STM Acquisition for accounting, legal and other professional fees.