Crane Sells Businesses

It gets $26 million.
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Crane

(CR) - Get Report

, a diversified manufacturer of engineered industrial products, said it sold the assets of its Resistoflex Aerospace business to

Parker Hannifin

(PH) - Get Report

.

In April, the Stamford, Conn.-based company also completed the sale of its Westad valve business in Norway. The cash proceeds from the two sales are about $26 million.

The company expects to record a pretax net gain of about $3 million in the second quarter, from the sales of Resistoflex Aerospace and Westad, the expected sale of unused property resulting from prior plant consolidations, and certain legal costs associated with previous divestitures.

"Both Resistoflex Aerospace and Westad are peripheral business units which we concluded did not have sufficient strategic links with our other product offerings," the company said. "We are continuing to focus our efforts on deploying our capital in businesses where we are better able to leverage our presence with customers."

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