Editor’s note: While Crane Corp. is selling its Engineered Materials segment, which includes Crane Composites, a maker of fiberglass-reinforced plastic materials used in the RV industry, Crane Composites will continue to serve the RV market.
Crane Corp. has signed an agreement to sell its Engineered Materials segment, which includes Crane Composites, the manufacturer of fiberglass-reinforced plastic (FRP) materials used by RV manufacturers.
The buyer is Grupo Verzatec S.A. de C.V. for $360 million on a cash-free and debt-free basis..
Crane’s Engineered Materials Segment has been around since 1954 and is one of the global leaders in fiberglass reinforced plastic (FRP). The company holds numerous patented technologies for industrial and commercial product applications and has worked closely with OEMs throughout the decades.
“Today, we announced that we signed an agreement to sell Engineered Materials for $360 million,” Max Mitchell, Crane Corp.’s president and CEO, said Monday. “Engineered Materials is an outstanding business, built through a series of acquisitions over many years with dedicated Crane associates that I am very proud of. Over time, as we have shaped the portfolio, we have reassessed the strategic fit of this business to Crane, and we believe this exceptional team will be better able to pursue both organic and inorganic growth with the new owner. I wish to thank our Engineered Materials team for their support and understanding regarding this decision.”