Fortress Investment Group completed the acquisition of Redco Corporation from Crane Holdings.

Fortress Investment Group, an American investment management firm, completed the acquisition of Redco Corporation, a wholly owned subsidiary that holds liabilities including asbestos liabilities and related insurance assets, from Crane Holdings, a diversified manufacturer of highly engineered industrial products. Financial terms were not disclosed. “Today’s announcement provides finality and certainty to investors regarding asbestos obligations, and it removes the distraction of asbestos related risks. Further, eliminating ongoing payments for asbestos related defense and indemnity costs will increase annual free cash flow available for us to invest in our business, both organically and inorganically. The transaction will also give us substantially more flexibility to optimize the capital structures for post-separation Crane Company and Crane NXT in a manner that positions both companies for growth and value creation,” Max Mitchell, Crane President and CEO.