Crane Co. Completes Acquisition of Alfa Laval Unit

Apr 03, 2001, 01:00 ET from Crane Co.

    STAMFORD, Conn., April 3 /PRNewswire/ -- Crane Co. (NYSE:   CR) announced
 today that it had completed the acquisition of the Industrial Flow Group of
 Alfa Laval Holding AB for approximately $37 million, based on the terms of a
 previously announced definitive agreement.  The purchase price, which will be
 adjusted based upon a closing balance sheet, is lower than the previously
 estimated $47 million due to the exclusion of certain receivables and lower
 net assets.
     The Industrial Flow Group of Alfa Laval, with sales of approximately
 $77 million in 2000, includes the Saunders brand of diaphragm valves
 manufactured in the UK and India, and the DEPA brand of air operated diaphragm
 pumps manufactured in Germany.
     Eric C. Fast, president and chief operating officer, commented:  "The
 Industrial Flow Group focuses on the development, production and distribution
 of valves, pumps and related components in high value-added applications.
 With this addition to our Fluid Handling business, sales in this segment will
 be in excess of $500 million worldwide. The synergies of the two businesses
 are quite remarkable with very minimal overlap of products, geography or
 resources."
     The acquisition will be accretive to 2001 earnings.
 
     Crane Co. is a diversified manufacturer of engineered industrial products.
 
 

SOURCE Crane Co.
    STAMFORD, Conn., April 3 /PRNewswire/ -- Crane Co. (NYSE:   CR) announced
 today that it had completed the acquisition of the Industrial Flow Group of
 Alfa Laval Holding AB for approximately $37 million, based on the terms of a
 previously announced definitive agreement.  The purchase price, which will be
 adjusted based upon a closing balance sheet, is lower than the previously
 estimated $47 million due to the exclusion of certain receivables and lower
 net assets.
     The Industrial Flow Group of Alfa Laval, with sales of approximately
 $77 million in 2000, includes the Saunders brand of diaphragm valves
 manufactured in the UK and India, and the DEPA brand of air operated diaphragm
 pumps manufactured in Germany.
     Eric C. Fast, president and chief operating officer, commented:  "The
 Industrial Flow Group focuses on the development, production and distribution
 of valves, pumps and related components in high value-added applications.
 With this addition to our Fluid Handling business, sales in this segment will
 be in excess of $500 million worldwide. The synergies of the two businesses
 are quite remarkable with very minimal overlap of products, geography or
 resources."
     The acquisition will be accretive to 2001 earnings.
 
     Crane Co. is a diversified manufacturer of engineered industrial products.
 
 SOURCE  Crane Co.