Crane Co. Acquires General Technology Corporation
Stamford, CT - Crane Co. (NYSE: CR) announces that it has purchased all of the outstanding shares of General Technology Corporation from an employee stock ownership plan trust for a purchase price of $25 million in cash and assumed debt.
General Technology Corporation provides high-reliability customized contract manufacturing services and products focused on military and defense applications. Based in Albuquerque, New Mexico with 2001 annual sales of approximately $22 million, General Technology is a twenty-one year old employee owned company which will be integrated with Crane's Aerospace Electronics business segment. The company has approximately 200 employees.
"This acquisition supports the electronic manufacturing solutions strategy of our Aerospace Group Electronics business segment," said Eric Fast, President and CEO of Crane Co. "General Technology is a profitable business that will expand our capabilities in the growing military and defense market, as well as expand our geographic footprint."
General Technology Corporation services include the assembly and testing of printed circuit boards, electromechanical devices, custom integrated systems, cables and wire harnesses.
Crane Co. is a diversified manufacturer of engineered industrial products. Crane Co. is traded on the New York Stock Exchange. Crane Aerospace Group is a Crane Co. Group which includes Hydro-Aire, Eldec, Lear Romec, Resistoflex and Interpoint. Interpoint, as a part of the Crane Aerospace Electronic Segment, manufactures high-density, high-reliability, microelectronics and power conversion products and provides Electronic Manufacturing Solutions for the aerospace, space, military/defense, medical, industrial and commercial markets.
Lincoln Partners initiated this transaction, assisted in the negotiations and acted as financial advisor to General Technology Corporation.