Crane Company Announces Acquisition of Technifab Products, Inc.
Crane Holdings, Co. (CR)
Last crane holdings, co. earnings: 4/27 05:01 pm
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Source: Business Wire
STAMFORD, Conn.--(BUSINESS WIRE)--Crane Company (NYSE:CR) (“Crane” or the “Company”), a premier industrial manufacturing and technology company, announced that on Friday, November 1, 2024, it completed the acquisition of Technifab Products, Inc. (“Technifab”), a leading provider of vacuum insulated pipe systems and valves for cryogenic applications for $40.5 million on a cash-free and debt- free basis.Founded in 1992 by Noel Short, Technifab is headquartered in Brazil, Indiana. Through September 2024, Technifab had trailing 12-month sales and adjusted EBITDA of approximately $20 million and $4 million, respectively (please see the Non-GAAP Explanation). Technifab joins Crane as part of the company’s Process Flow Technologies (PFT) segment and extends our cryogenics capabilities into high growth semiconductor, medical and pharmaceutical end markets, as well as further expanding our geographic footprint to better serve our customers.Max H. Mitchell, Chairman of the Board, President
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