Verzatec to acquire engineered materials segment of Crane for $360m.

Verzatec, a producer of fiberglass-reinforced plastic products, agreed to acquire engineered materials segment of Crane, a company manufacturing of engineered industrial products, for $360m. "Looking ahead across Crane, we have substantial opportunities for growth. As we have discussed repeatedly, through consistent investment in technology and strategic growth initiatives, as well our ongoing focus on driving productivity and operational improvement, Crane is extremely well positioned to outgrow its underlying end markets as we emerge from the COVID-related downturn. I believe that we are at an inflection point for accelerating growth, and at our upcoming investor conference, we will share more details of that growth plan for Aerospace & Electronics, along with our expectation for a core sales CAGR of 7% to 9% at that business from 2021 through 2030," Max H. Mitchell, Crane President and CEO.