Crane Co. announced that it has purchased all of the capital stock of Friedrich Krombach GmbH & Co. KG Armaturenwerke and Krombach International GmbH, both of Kreuztal, Germany. Krombach is a leading manufacturer of specialty valve flow solutions for the power, oil and gas, and chemical markets, employing 640 people globally.
The purchase price was $51 million in cash
and the assumption of about $18 million of net debt. In addition to their
manufacturing and headquarters location in Germany, Krombach currently has
foundry, machining and assembly facilities in Slovenia and
China. Krombach’s 2008 sales are estimated at about $91 million.
Eric Fast, president and CEO of Crane
Co., said, “This acquisition will significantly strengthen and broaden our
product offering in our global power and energy infrastructure business,
particularly for larger diameter, highly-engineered valves.” The Krombach Group
supplies engineered valves and standard valves to the power, oil and gas,
chemical, tank wagon, and water and environmental technology markets.
Crane Co. Acquires German Valve Maker
February 1, 2009