Crane Co, a provider of products and services to sectors including cash handling in the casino industry, said on Wednesday that it completed on May 31 the sale of its Canada-based distribution business. Crane Supply was sold for CAD380 million (US$300 million) to Groupe Deschênes Inc, a Canada-based distributor of industrial products.
Crane is involved in payment and merchandising technologies; aerospace and electronics; and engineered materials and fluid handling services.
The company said last week that the plan to sell the group’s engineered materials business had been terminated, following competition-related objections by the United States’ Department of Justice.
The company is restructuring its business portfolio as part of the group’s planned separation into two public-traded companies.
In March, Crane announced a plan to separate into two independent companies. The plan would see Crane Co cover the aerospace and electronics segment, the process flow technologies business, and integrating the engineered materials business; while the payment and merchandising technologies business would transform into Crane NXT.
In April, Crane reported a first-quarter net profit of US$105.0 million, down 3.1 percent year-on-year, but up 45.6 percent sequentially.
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