| STAMFORD, CT -- (PRNewswire-FirstCall) Crane Co. announces the acquisition of the Lasco Composites business from Tomkins Industries, Inc., a subsidiary of Tomkins plc.
Lasco Composites is a fifty year old manufacturer of fiberglass reinforced plastic panels based in Florence, Kentucky with annual sales of
approximately $40 million. Lasco Composites LP supplies the fiberglass reinforced panel market under several product brand names,
including: Lascoboard®, TransTuff™, CrystaLite™, Lascolite™, Everstrong ™. Lasco Composites will be managed through
Crane's Kemlite Company, Inc. subsidiary and will continue to operate in its Florence, Kentucky manufacturing facility.
"The acquisition of Lasco Composites will further strengthen one of our existing businesses and will provide an entry into the industrial
market, where Kemlite currently has a small presence," said Eric Fast, President and CEO of Crane Co. "This combination further
provides an excellent opportunity to expand our product offerings in the transportation, building products and recreational vehicle markets."
Total purchase price is approximately $44 million in an all cash transaction.
This eUpdate posting by: Steve Joyce
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