Transaction strengthens Crane’s instrumentation portfolio
Crane Co. (NYSE:CR), a diversified manufacturer of highly engineered
industrial products, announced today that it has acquired Westlock
Controls (“Westlock”) from Emerson Electric Co. (NYSE:EMR) for cash
consideration of $40 million.
Westlock is a global leader in the manufacturing and sale of
switchboxes, position transmitters and other solutions for networking,
monitoring and controlling process valves. With primary operations
located in Saddle Brook, New Jersey, Westlock had 2016 sales of
approximately $32 million.
Crane Co. is a diversified manufacturer of highly engineered industrial
products. Founded in 1855, Crane provides products and solutions to
customers in the hydrocarbon processing, petrochemical, chemical, power
generation, unattended payment, automated merchandising, aerospace,
electronics, transportation and other markets. The Company has four
business segments: Fluid Handling, Payment & Merchandising Technologies,
Aerospace & Electronics and Engineered Materials. Crane has
approximately 11,000 employees in the Americas, Europe, the Middle East,
Asia and Australia. Crane Co. is traded on the New York Stock Exchange
(NYSE:CR). For more information, visit www.craneco.com.
This press release may contain forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995. These
statements present management’s expectations, beliefs, plans and
objectives regarding future financial performance, and assumptions or
judgments concerning such performance. Any discussions contained
in this press release, except to the extent that they contain historical
facts, are forward-looking and accordingly involve estimates,
assumptions, judgments and uncertainties. There are a number of
factors that could cause actual results or outcomes to differ materially
from those addressed in the forward-looking statements. Such
factors are detailed in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2016 and subsequent reports filed with
the Securities and Exchange Commission.
(CR-G)
Crane Co.
Jason D. Feldman, 203-363-7329
Director, Investor Relations
www.craneco.com