Crane Company (NYSE:CR) Announces Acquisition of Technifab Products, Inc.
Crane Company (NYSE:CR) (“Crane” or the “Company”), a premier industrial manufacturing and technology company, announced that on Friday, November 1, 2024, it completed the acquisition of Technifab Products, Inc. (“Technifab”), a leading provider of vacuum insulated pipe systems and valves for cryogenic applications for $40.5 million on a cash-free and debt- free basis.
Founded in 1992 by Noel Short, Technifab is headquartered in Brazil, Indiana. Through September 2024, Technifab had trailing 12-month sales and adjusted EBITDA of approximately $20 million and $4 million, respectively (please see the Non-GAAP Explanation). Technifab joins Crane as part of the company’s Process Flow Technologies (PFT) segment and extends our cryogenics capabilities into high growth semiconductor, medical and pharmaceutical end markets, as well as further expanding our geographic footprint to better serve our customers.
Max H. Mitchell, Chairman of the Board, President and Chief Executive Officer of Crane Company said, “We are excited to welcome Technifab to Crane Company. Technifab is highly complementary to our existing capabilities in cryogenics. Their expertise and capability in manufacturing vacuum insulated pipe systems will greatly enhance our ability to provide a broader suite of solutions across highly attractive end markets.”
Mr. Mitchell concluded: “I would like to personally thank the Short family for giving Crane the opportunity to acquire this great company, as well as for all their assistance over the last several months familiarizing us with Technifab and its sophisticated and differentiated capabilities. I look forward to welcoming the entire Technifab team to Crane, all of whom have been so critical to Technifab’s success over the last few decades. I am also very excited about the opportunities we have to invest further for growth, leveraging Technifab’s core areas of strength together with PFT’s existing cryogenic capabilities, including those provided by our recent acquisition of CryoWorks in May of this year.”