Crane To Sell Engineered Materials Unit For $360 Mln; Maintains FY21 Outlook - Quick Facts

(RTTNews) - Crane Co. (CR), a manufacturer of highly engineered industrial products, announced Monday that it has signed an agreement to divest its Engineered Materials segment to Grupo Verzatec S.A. de C.V. for $360 million on a cash-free and debt-free basis..

The sale is subject to customary closing conditions and regulatory approvals.

Further, the company has renamed its Fluid Handling segment as Process Flow Technologies. Max Mitchell, Crane's President and Chief Executive Officer, said the 'Fluid Handling' name is from a legacy era and no longer reflects the business. According to him, the new name better conveys the key strengths and core competencies of the business.

The company said it will provide additional details about these two developments during its upcoming Aerospace & Electronics virtual investor conference scheduled for May 26.

Further, the company maintained its full-year guidance for earnings from continuing operations per share of $5.75-$5.95 and adjusted earnings per share of $5.65 to $5.85 despite the exclusion of approximately $0.44 of earnings per share contribution from Engineered Materials that had been included in prior guidance.

On average, five analysts polled by Thomson Reuters expect earnings of $5.78 per share. Analysts' estimates typically exclude special items.