Crane Co. Acquires Metalcasting Facility in Acquisition
December 23, 2008
Released on December 17, 2008
Industrial manufacturer Crane Co., Stamford, Conn., announced it has purchased Friedrich Krombach GmbH & Company KG Armaturenwerke and Krombach International GmbH, both of Kreuztal, Germany, including the valve maker’s metalcasting facility.
Crane purchased Krombach, a manufacturer of valves for the power, chemical, oil and gas markets, for $51 million in cash and the assumption of approximately $18 million of net debt.
In addition to its manufacturing and headquarters in Germany, Krombach maintains its metalcasting, machining and assembly facilities in Slovenia and China. Krombach, which employs 640, has 2008 sales estimated at $91 million.
“This acquisition will significantly strengthen and broaden our product offering in our global power and energy infrastructure business, particularly for larger diameter, highly-engineered valves,” said Eric Fast, Crane’s president and chief executive officer. “I expect this acquisition to be modestly accretive to our 2009 earnings.”
Publicly-traded Crane serves customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandizing, transportation and other markets. It has approximately 12,000 employees in North America, South America, Europe, Asia and Australia.