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Crane Co. Announces European Commission Extends Review Period To Consider Potential Remedies

Stocks in this article: CR

Crane Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, said today that the European Commission has extended its initial review period to rule on the planned acquisition of MEI Conlux from July 5 to July 19, following proposals submitted by Crane Co. to address antitrust concerns. The Company stated that the Commission is focused on two product lines in the European market, and the Company is engaged in discussions with the Commission regarding potential remedies that would affect less than 10 percent of the aggregate sales of the combined businesses. The Company remains hopeful that these issues will be favorably resolved in the initial review period.

Crane Co. also stated that the staff of the U.S. Federal Trade Commission has not indicated any significant concerns with the proposed transaction, and the Company anticipates that the FTC will clear the transaction under the Hart-Scott-Rodino Act in the near future. The Company also stated that the Ukraine competition authority has approved the transaction.

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, 2012 and subsequent reports filed with the Securities and Exchange Commission.



Copyright Business Wire 2010

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