Crane to sell Engineered Materials segment to KPS Capital for $227M

Crane (CR) Company announced that it has entered into a definitive agreement to sell its Engineered Materials business to KPS Capital Partners, LP for $227M. 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. Max Mitchell, CEO, 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. Those simplification actions have included the divestiture of non-core assets including Crane Supply and the defeasement of legacy liabilities in 2022, followed by our 2023 separation transaction. Since the separation, we have continued to invest in our strategic growth platforms organically, and further strengthened those businesses with four strategic acquisitions: Baum Lined Piping, Vian Enterprises, CryoWorks, and Technifab Products. We will continue to actively manage our portfolio to drive sustainable, profitable growth for all our stakeholders.”