Crane Co. Acquires W.T. Armatur Gmbh & Co
Crane Co. announced that it has purchased all the equity interests in W. T. Armatur GmbH & Co. KG. WTA is primarily a manufacturer of bellows sealed globe valves, as well as certain types of specialty valves, for chemical, fertilizer and thermal oil applications.
The purchase price was approximately $38 million on a cash and debt free basis. Located in Maxdorf, Germany, WTA employs 95 people. WTA s 2010 sales of approximately $21 million were primarily to customers in Germany and surrounding countries.
Mr. Eric Fast, President and Chief Executive Officer of Crane Co., said, "This acquisition will strengthen and broaden our portfolio by providing valves with zero fugitive emissions used in severe service applications. I expect this acquisition will be slightly dilutive to earnings in 2011."
Source: Crane Co.