Crane Co. announced that it has signed an agreement to divest its Engineered Materials segment for $360 million. Simultaneously, Crane’s Fluid Handling segment has been renamed Process Flow Technologies.
Additional details about these two changes will be provided during Crane’s upcoming Aerospace & Electronics virtual investor conference on May 26.
“Today, we announced that we signed an agreement to sell Engineered Materials for $360 million,” said Crane Co. chief executive Max Mitchell. “Engineered Materials is an outstanding business, built through a series of acquisitions over many years with dedicated Crane associates that I am very proud of.”
Mitchell said Crane has reassessed the strategic fit of the business unit and concluded that it will be better able to pursue organic and inorganic growth with the new owner.
Crane Co. has also changed the name of its Fluid Handling segment to Process Flow Technologies. Mitchell noted that “Fluid Handling” is a name from a legacy era.
"Looking ahead across Crane, we have substantial opportunities for growth,” Mitchell said. “As we have discussed repeatedly, through consistent investment in technology and strategic growth initiatives, as well our ongoing focus on driving productivity and operational improvement, Crane is extremely well positioned to outgrow its underlying end markets as we emerge from the COVID-related downturn.”
Crane Co is a diversified manufacturer of highly engineered industrial products, including vending machines, coffee equipment and payment systems.