Crane Company (CR)

Crane Co. announced today it has sold General Technology Corporation, a subsidiary of Crane Co., to IEC Electronics Corp. for $14.2 million. GTC, also known as Crane Electronic Manufacturing Services, has revenue of approximately $25 million. Crane Co. expects to record a tax benefit of approximately $0.09 per share resulting from this divestiture. This benefit was not included in the Company’s earnings guidance issued on October 26, 2009, of GAAP EPS for the full year 2009 of $1.90-$2.05.

Dec 17 · 11:23:00 AM · Source: Company News
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by Larry Etter