Crane Co. Completes Acquisition of Alfa Laval Unit
STAMFORD, CONNECTICUT - April 3, 2001 - Crane Co. (NYSE:CR) announced today that it had completed the acquisition of the Industrial Flow Group of Alfa Laval Holding AB for approximately $37 million, based on the terms of a previously announced definitive agreement.
The purchase price, which will be adjusted based upon a closing balance sheet, is lower than the previously estimated $47 million due to the exclusion of certain receivables and lower net assets.
The Industrial Flow Group of Alfa Laval, with sales of approximately $77 million in 2000, includes the Saunders brand of diaphragm valves manufactured in the UK and India, and the DEPA brand of air operated diaphragm pumps manufactured in Germany.
Eric C. Fast, president and chief operating officer, commented: "The Industrial Flow Group focuses on the development, production and distribution of valves, pumps and related components in high value-added applications. With this addition to our Fluid Handling business, sales in this segment will be in excess of $500 million worldwide. The synergies of the two businesses are quite remarkable with very minimal overlap of products, geography or resources."
The acquisition will be accretive to 2001 earnings. Crane Co. is a diversified manufacturer of engineered industrial products.
Source: Crane Co.