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Crane Co. To Acquire MEI Conlux Holdings; Reaffirms 2012 EPS Guidance; Sets Preliminary Guidance For 2013

Stocks in this article: CR

Preliminary 2013 Guidance

The Company’s preliminary outlook for 2013 includes core sales growth (excluding acquisition and foreign exchange impacts) of between 2% and 4%, and earnings per share in a range of $4.05 to $4.20. 2013 EPS guidance also assumes the restoration of the R&D tax credit ($0.05 per share). Preliminary 2013 guidance does not include potential impacts from the pending acquisition of MEI.

Conference Call Information

Crane Co. will hold a conference call on Friday, December 21, at 8 a.m. Eastern time to provide further details about the transaction. Please refer to the Company’s website www.craneco.com to access the call and accompanying presentation slides, which will be posted on Thursday evening, December 20th.

About MEI Conlux Holdings

MEI was founded by Mars in 1969 in response to the demand for better coin recognition technology for vending machines. In 2003, MEI acquired Conlux, the Japanese leader in coin mechanisms and bill validators. MEI was acquired by Advantage Partners and Bain Capital in 2006. For additional information, please refer to www.meigroup.com.

About Crane Co.

Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. The Company has five business segments: Aerospace & Electronics, Fluid Handling, Engineered Materials, Merchandising Systems, and Controls. Crane has approximately 11,000 employees in North America, South America, Europe, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements present management’s expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and subsequent reports filed with the Securities and Exchange Commission.

Copyright Business Wire 2010
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