Crane Co. Sells Composites Business to Lone Star Funds
Ticker: CR · Form: 8-K · Filed: Oct 28, 2024 · CIK: 1944013
Sentiment: neutral
Topics: divestiture, strategic-shift, acquisition
Related Tickers: CR
TL;DR
Crane Co. selling Composites biz to Lone Star Funds, Q1 2025 close. Focus on Engineered Materials & Aero/Electronics.
AI Summary
Crane Co. announced on October 28, 2024, that it has entered into a definitive agreement to sell its Crane Composites business to an affiliate of Lone Star Funds. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions. This divestiture is part of Crane Co.'s strategy to focus on its core Engineered Materials and Aerospace & Electronics segments.
Why It Matters
This divestiture signals Crane Co.'s strategic shift towards its higher-margin businesses, potentially impacting its future revenue mix and profitability.
Risk Assessment
Risk Level: medium — The sale of a business segment introduces integration risks for the buyer and strategic execution risks for Crane Co. as it refocuses.
Key Players & Entities
- Crane Co. (company) — Seller
- Lone Star Funds (company) — Buyer
- Crane Composites (company) — Divested Business
- October 28, 2024 (date) — Announcement Date
- First Quarter of 2025 (date) — Expected Closing Period
FAQ
What is the name of the business Crane Co. is selling?
Crane Co. is selling its Crane Composites business.
Who is the buyer of the Crane Composites business?
The buyer is an affiliate of Lone Star Funds.
When is the transaction expected to close?
The transaction is expected to close in the first quarter of 2025.
What are the conditions for the closing of the sale?
The closing is subject to customary closing conditions.
What is Crane Co.'s strategic rationale for this sale?
The divestiture is part of Crane Co.'s strategy to focus on its core Engineered Materials and Aerospace & Electronics segments.
Filing Stats: 503 words · 2 min read · ~2 pages · Grade level 11.8 · Accepted 2024-10-28 16:39:10
Key Financial Figures
- $1.00 — ich registered Common Stock, par value $1.00 CR New York Stock Exchange Indicate b
Filing Documents
- cr-20241028.htm (8-K) — 33KB
- exhibit991-pressreleasexq3.htm (EX-99.1) — 580KB
- crane_logox245x100a.jpg (GRAPHIC) — 8KB
- 0001628280-24-043947.txt ( ) — 780KB
- cr-20241028.xsd (EX-101.SCH) — 2KB
- cr-20241028_lab.xml (EX-101.LAB) — 21KB
- cr-20241028_pre.xml (EX-101.PRE) — 12KB
- cr-20241028_htm.xml (XML) — 3KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On October 28, 2024, Crane Company (the "Company") announced its results of operations for the quarter ended September 30, 2024. The related press release and quarterly financial data supplement is being furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (a) None (b) None (c) None (d) Exhibits 99.1 Earnings Press Release dated October 28, 2024 and Crane Company Quarterly Financial Data Supplement for the quarter ended September 30, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CRANE COMPANY October 28, 2024 By: /s/ Richard A. Maue Richard A. Maue Executive Vice President and Chief Financial Officer 3