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Thursday, December 20, 2012

Crane to purchase privately held MEI Conlux for $820 mln, (NYSE: CR)

U.S. diversified manufacturer Crane Co said it will purchase MEI Conlux Holdings and its Japanese affiliate for about $820 million from Bain Capital and Advantage Partners to deepen its footprint in the payment solutions segment.Crane expects the MEI deal to add to earnings within the first year of acquisition by about 25 cents per share, including 5 cents in synergies."We expect synergies to grow to $25 million annually on a pre-tax basis, or 30 cents per share in 2015," Crane Chief Executive Eric Fast said in a statement.MEI is a manufacturer of electronic bill acceptors, coin mechanisms and other unattended transaction systems.

Crane Co. (Crane) a diversified manufacturer of highly engineered industrial products. Shares of CR traded higher by 0.6% or $0.27/share to $44.96. In the past year, the shares have traded as low as $34.89 and as high as $51.48. On average, 256048 shares of CR exchange hands on a given day and today's volume is recorded at 122687.