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Slide #56. Crane Co. — MEI Conlux Holdings
Crane Co. (NYSE:CR)
MEI Conlux Holdings
Crane Co. (NYSE:CR), a diversified manufacturer of highly engineered industrial products, announced today that the European Commission has approved the definitive agreements to implement the licensing and divestiture Commitments by Crane Co. related to its pending acquisition of MEI Conlux Holdings ("MEI"). Crane Co. said that with this approval, it intends to close the acquisition of MEI during the week of December 9, 2013. The $804 million purchase price (on a cash free, debt free basis) for the MEI acquisition will be financed through a combination of cash on hand and additional debt.
Crane is a manufacturer of engineered industrial products. Co.'s segments are: Fluid Handling, which is a provider of engineered fluid handling equipment; Payment and Merchandising Technologies, which provides payment acceptance and dispensing products, currency handling and processing systems, and supplies banknotes and banknote security features; Aerospace and Electronics, which supplies components and systems for the commercial aerospace and military aerospace and defense markets; and Engineered Materials, which manufactures fiberglass-reinforced plastic panels and coils, primarily for use in the manufacturing of recreational vehicles, truck bodies, truck trailers.
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Buy (3.20 out of 4)