Crane Co. Acquires German Valve Maker
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.
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.
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