U.S. Justice Dept blocks Crane planned sale of materials biz
Crane Co, a provider of products and services to sectors including cash handling in the casino industry, said on Thursday that the United States’ Department of Justice (DOJ) filed a complaint that blocks – due to antitrust concerns – the company’s proposed US$360-million sale of its engineered materials business to Mexican firm Grupo Verzatec SA de CV.
In a release that day, the federal department said were the deal to go through, Grupo Verzatec could dominate the production and sale of a building material – pebbled-fibreglass reinforced-plastic wall panels – in the U.S. market. That could lead to American buyers facing “higher prices and reduced quality, choice and innovation”, the department said.
“In the normal course, the company expects to engage in a process with Verzatec, the DOJ and/or the courts to address the DOJ’s antitrust concerns regarding a minor overlap in a narrow range of material used in certain commercial building applications,” Crane Co stated in its Thursday release.
The firm said in May last year that it had reached commercial agreement on the disposal. Grupo Verzatec makes plastic-based products for the U.S., Canada, Mexico, Europe, Central and South America, and Northern Africa markets, according to company information.
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