Crane Company To Sell Engineered Materials Biz To KPS Capital Partners For $227 Mln

(RTTNews) - Crane Company (CR) has agreed to sell its Engineered Materials business to KPS Capital Partners, LP for $227 million.

Max Mitchell, Chairman of the Board, President and Chief Executive Officer of Crane Company said, "This divestiture reflects yet another important step forward following the numerous actions we have taken over the last few years to simplify our portfolio and focus our resources on our two strategic growth platforms: Aerospace & Electronics and Process Flow Technologies."

Mitchell added: "Engineered Materials is a great business with leadership positions in the markets in which it operates with dedicated Crane associates that I am very proud of, and we look forward to watching its continued growth under the ownership of KPS. I wish to thank our Engineered Materials team for their support and understanding regarding this decision."

Crane Company and KPS anticipate closing the transaction in the first quarter of fiscal year 2025 subject to customary closing conditions, including receipt of regulatory approvals.

Engineered Materials will be presented as discontinued operations beginning with results for the fourth quarter of 2024.

Crane now expects adjusted earnings from continuing operations of $4.71 to $4.86 per share, compared to the previous estimate of $5.05 to $5.20 per share.

For the fourth quarter, the company expects adjusted earnings from continuing operations of $1.10 to $1.25 per share.